Asset management company MEAG has reached an agreement with Eolus Vind and Hydro REIN to acquire a 75% stake in Stor-Skälsjön, a 260MW wind power project in Sweden.

Under this deal, Eolus will sell its 51% stake in the wind project for consideration of $19.8m (€18.4m), while Hydro REIN agreed to divest its 24% stake for $9.3m (€8.7).

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Hydro REIN will keep its 25% in the project, and continue as the co-owner of the project.

The deal covers 75% of the stake in the project company at an enterprise value of $390m (€361.4m) on a 100% basis.

Hydro REIN head Olivier Girardot said: “We are pleased to 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.”

Last June, Eolus and Hydro REIN acquired the project, which is located in Sundsvall and Timrå municipalities of Sweden, from Enercon.

Eolus and Hydro REIN will build the wind power facility on behalf of the investors under a construction management agreement (CMA).

Additionally, the two companies have agreed to provide technical, operational, and administrative services for the wind farm for a period of 15-years.

The wind project will be equipped with Siemens Gamesa’s 42 wind turbines. Construction of the project has commenced, with its commissioning planned for autumn next year.

MEAG member of the management board and illiquid assets global head Holger Kerzel 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.”

Completion of the deal, which is subject to customary approvals from competition authorities, is expected later this year. In July 2019, Eolus signed an agreement to sell its 400MW windfarm in Norway to Aquila Capital.