Aquila Capital has bought out Øyfjellet Wind, a company that holds the project rights to the 400-megawatt Øyfjellet wind farm project in Norway.
The deal covers 100 percent of the shares in Øyfjellet Wind as well as a 15-year power purchase agreement (PPA) with Alcoa Norway. Per a construction management agreement, Eolus will manage the construction of the wind farm on behalf of Aquila Capital, which will finance the project.
In July, Eolus and Aquila Capital penned a public conditional agreement regarding the sale of Øyfjellet wind farm, which is located close to Mosjøen in the Vefsn municipality in Norway. The conditions in the agreement have been fulfilled, and Aquila Capital has acquired all the shares in Øyfjellet Wind.
The wind farm is expected to reach completion in fall 2021, during which time purchase prices will be determined.
