Eolus Vind AB, a leading wind power developer in the Nordics, and Aquila Capital have signed a share purchase agreement to purchase Oyfjellet, a wind farm in Norway with a planned capacity of 400 megawatts, for €30 million ($34 million).
The deal includes 100 percent of the shares in the project company that holds all the project rights for the wind power project, including a 15-year power purchase agreement with Alcoa Norway.
Oyfjellet and Alcoa entered into the power purchase agreement last March, which established that Alcoa will purchase all the electricity produced at the wind farm to provide its production plant in nearby Mosjøen, Norway, with locally produced electricity.
Upon closing, which is expected to take place this fall, both parties will sign a construction management agreement. Per the agreement, Eolus will manage the wind farm’s construction on behalf of Aquila, who will finance the project. Eolus is contracted to provide technical, operational and administrative services over a 15-year time period.
Final purchase prices will be calculated when the wind farm has been completed, which is expected to take place during the second half of 2021. The transaction’s closing is subject to fulfillment of several conditions, such as granted detail plan (MTA-plan), procurement of wind turbines, grid connection agreement and balance of plant agreements, according to Eolus.
