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July 15, 2019

Eolus to sell 400MW Norwegian windfarm to Aquila Capital

Eolus Vind has signed a share purchase agreement to sell its 400MW windfarm Oyfjellet in Norway to Aquila Capital for €30m.

Eolus Vind has signed a share purchase agreement to sell its 400MW windfarm Oyfjellet in Norway to Aquila Capital for €30m.

Under the agreement, Eolus will sell its 100% stake of the project company that holds all the project rights for the windpower project.

Aquila Capital co-founder and CEO Roman Rosslenbroich said: “We are truly delighted to become the sponsor of Project Oyfjellet on behalf of our client and we are looking forward to continuing our good cooperation with Eolus on this Nordic landmark project.

“Project Oyfjellet is not only impressive by its sheer magnitude and technical characteristics, it also stands exemplary for what it will take to create a sustainable future for the generations to come: Visionary developers like Eolus, dedicated investors like us and responsibly acting industry players like Alcoa, and of course supportive governments and authorities.”

In addition, the deal includes a 15-year power purchase agreement. Under this, the bulk of energy produced will be delivered to a nearby aluminium smelter managed by Alcoa Norway.

The onshore windfarm is located close to Mosjøen in Vefsn municipality in Norway. Construction is expected to begin this year and will be finalised by the fourth quarter of 2021.

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Furthermore, both companies have agreed to enter a construction management agreement. Under this, Eolus will manage the windfarm construction on behalf of Aquila.

Eolus’s revenue is estimated to be nearly €23m, while the construction will be financed by Aquila.

Eolus has also agreed to provide technical, operational and administrative services during 15 years to the windfarm to increase its outcome and production.

Completion of the deal is subject to fulfilment of several conditions such as granted detail plan (MTA-plan), procurement of wind turbines, grid connection agreement and balance of plant contract. It is expected to take place this year.

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