- Two companies have signed an agreement with MEAG to sell their shares in the wind power project.
- The companies are selling 75% of their shares.
Eolus and Hydro REIN have signed an agreement with MEAG for the sale of 75% of their shares in the 260 MW wind power project Stor-Skälsjön in Sweden. The value of the shares stands at EUR 361.4 million.
Eolus will sell all its shares summing to 51% for a purchase price of EUR 18.4 million. Hydro REIN will sell 24% of the shares for a purchase price of EUR 8.7 million and will remain as co-owner of the project with a 25% interest. Eolus and Hydro Rein acquired the project, which is located in Sundsvall and Timrå municipalities in Sweden (SE2), from Enercon in June 2021.
In a statement by Marcus Landelin, COO of Eolus, “We have a long history with MEAG and I’m delighted that they, as one of Europe’s largest investors, once again have chosen Eolus as their partner for investing in renewable energy in the Nordics.”
The wind farm will comprise 42 Siemens Gamesa SG 6.6-170 wind turbines (turbine supply agreement communicated on 30 December 2021). Construction has started and commissioning is planned for autumn 2023.
Eolus and Hydro REIN will deploy the wind farm on behalf of the investors under a Construction Management Agreement (CMA). Revenues under the CMA are estimated to approximately EUR 42.3 million to be shared 51/49 between Eolus and Hydro REIN. As part of the agreement, Eolus has also been entrusted to provide technical, operational and administrative services for the wind farm on a 15-year contract.
The transaction is subject to customary approvals from competition authorities and is expected to be completed later this year.