Sweden – Eolus and Hydro REIN have reached an agreement with MEAG for the sale of 75% of the shares in the 260 MW Stor-Skälsjön wind power project in Sweden.
The transaction covers 75% of the project company’s shares, with a total value of EUR 361.4 million (100 percent basis). Eolus will sell all of its shares, accounting for 51 percent of the company, for EUR 18.4 million. Hydro REIN will sell 24 percent of the shares for EUR 8.7 million, while remaining a 25% co-owner of the project. In June 2021, Eolus and Hydro Rein purchased the project from Enercon, which is located in the municipalities of Sundsvall and Timr in Sweden (SE2).
There will be 42 Siemens Gamesa SG 6.6-170 wind turbines in the wind farm. Construction has begun, with completion scheduled for autumn 2023.
Closing transaction
Under a Construction Management Agreement, Eolus and Hydro REIN will jointly construct the wind farm on behalf of the investors (CMA). Revenues from the CMA are expected to be around EUR 42.3 million, split 50/50 between Eolus and Hydro REIN. Eolus has also been entrusted with providing technical, operational, and administrative services for the wind farm on a 15-year contract as part of the agreement.
The transaction is expected to close later this year, pending customary approvals from competition authorities.
