Swedish renewables developer Eolus has divested Swedish three wind projects with a total capacity of 125MW to Swiss power utility BKW.
Skallberget/Utterberget, Tjärnäs and Rosenskog are under construction and will begin operations in the fourth quarter of 2023.
The three projects are powered by 19 wind turbines and will generate 330GWh of clean energy annually.
The deal includes all the shares at an enterprise value of €189m, along with €19m in the share purchase price.
Eolus will manage the projects’ construction as part of a construction management agreement (CMA) on behalf of BKW. Revenues under the CMA are estimated to be €29.5m.
By the end of the second quarter of 2023, construction was estimated to be 75% completed for the Rosenskog project and 55% for Skallberget/Utterberget and Tjärnäs.
Eolus CEO Per Witalisson stated: “There is a strong interest in investing in renewable energy, and we are excited to welcome BKW as a partner when they do their first investment in Sweden.
“With over 100 years in the energy sector, BKW is a significant player in the European energy sector, and we look forward to our co-operation.”
The acquisition expands BKW’s presence in the Scandinavian region, bringing synergies in operation, maintenance and installation, particularly with the nearby Marker wind farm in Norway, which the company commissioned in 2019.
BKW’s installed capacity will grow to 980MW. The company’s target of owning 1GW of clean energy projects by 2026 has now been met.
BKW CEO Robert Itschner stated: “We’re proud to have reached this milestone ahead of time and we’ll continue investing in the expansion of renewable energies – and that goes for Switzerland in particular.”
