Eolus and Hydro REIN sell 75% of wind power project Stor-Skälsjön to MEAG
Published by Isabelle Keltie,
Editorial Assistant
Global Hydrogen Review,
The transaction covers 75% of the shares in the project company at an enterprise value of €361.4 million (100% basis). Eolus is to sell all its shares amounting to 51% for a purchase price of €18.4 million. Hydro REIN will sell 24% of the shares for a purchase price of €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.
Per Witalisson, CEO of Eolus said: “This agreement confirms our capacity to deliver high-quality facilities as well as competitive asset management services. There is great interest in renewable investments, and we have a large number of projects within wind, solar, and energy storage in our portfolio.
The wind farm will comprise of 42 Siemens Gamesa SG 6.6-170 wind turbines (turbine supply agreement communicated on December 30, 2021). Construction has started and commissioning is planned for autumn 2023.
Olivier Girardot, Head of Hydro REIN commented: “We welcome MEAG as a co-owner in the project and very much look forward to our partnership. This transaction enables us to optimise capital allocation and the return on our investment while retaining a significant stake in the project, consistent with our long-term ownership and portfolio strategy.”
Eolus and Hydro REIN will jointly construct the wind farm on behalf of the investors under a Construction Management Agreement (CMA). Revenues under the CMA are estimated to approximately €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.
Holger Kerzel, MEAG member of the management board and global head of illiquid assets said: “We are pleased to announce a further wind power project acquisition with Eolus in Sweden. The investment expands our portfolio in renewable energy where MEAG is strongly engaged and contributes to a carbon-free energy supply in Europe. We are looking forward to the partnership with Eolus and Hydro REIN in this project.”
The transaction is subject to customary approvals from competition authorities and is expected to be completed later this year.
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/19042022/eolus-and-hydro-rein-sell-75-of-wind-power-project-stor-sklsjn-to-meag/
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