Eolus has sold the wind power projects Skallberget/Utterberget, Tjärnäs, and Rosenskog, totalling 125 MW, to BKW. The projects are under construction and commercial operation is planned for 4Q23. The three projects are located in price area SE3 in Southern Sweden.
The transaction covers all the shares in the project companies at an enterprise value of €189.3 million, and a share purchase price of €18.9 million. Eolus will manage the construction of the wind farms under a construction management agreement (CMA) on behalf of BKW. Revenues under the CMA is estimated at approximately €29.5 million, and will be accounted for over the course of the remaining construction period in accordance with the percentage of completion method. At the end of 2Q23, the degree of completion is estimated to be around 75% for the Rosenskog project and around 55% for the Skallberget/Utterberget and Tjärnäs projects.
Eolus has also been entrusted to provide technical, operational, and administrative services for the wind farms on a long-term contract.
“We are excited to welcome BKW as a partner as 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 cooperation,” said Per Witalisson, CEO of Eolus.
“We are delighted with the acquisition of newly built wind farms with technology from an experienced developer like Eolus. With this investment we remain on track with our contribution to a decarbonised future based on sustainable energy infrastructure, and we strengthen our presence in the attractive Scandinavian market with further assets and services,” added Margarita Aleksieva, Head of Wind and Solar at BKW.
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