case / 15 Apr 2022
Eolus and Hydro Rein sell 75% of wind power project Stor-Skälsjön to MEAG
Eolus and Hydro Rein have signed an agreement with MEAG regarding the sale of 75% of the shares in the 260 MW wind power project Stor-Skälsjön in Sweden at an enterprise value of EUR 361.4 million (100% basis).
Eolus is to sell all its shares amounting to 51% for a purchase price of EUR 18.4 million. Hydro Rein is to sell 24% of the shares for a purchase price of EUR 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.
The wind farm will comprise 42 Siemens Gamesa SG 6.6-170 wind turbines. Construction has started and commissioning is planned for autumn 2023.
Eolus and Hydro Rein will jointly construct the wind farm on behalf of the investors under a Construction Management Agreement. Revenues under the agreement are estimated to approximately EUR 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.
The transaction is subject to customary approvals from competition authorities and is expected to be completed later this year.
Setterwalls advised Hydro Rein in the transaction.