Eolus and Hydro REIN have signed an agreement to enter a partnership targeting the joint development and realization of a 672-megawatt portfolio owned by Eolus in Sweden. Within the frame of the partnership, Hydro REIN acquires 50 percent of the portfolio with a profit-sharing mechanism between the parties when the projects reach construction stage.
The portfolio consists of nine projects in SE3 and SE4 in Sweden that are in early development and are expected to be commissioned between 2027 and 2032, pending all required permits being obtained.
“There is a big need for new electricity production in SE3 and SE4 in Sweden. With this partnership with Hydro REIN, we can help to contribute to increase the electricity production in a cost efficient manner from onshore wind in SE3 and SE4,” said Per Witalisson, CEO of Eolus.
The transaction is subject to several conditions before closing, which is expected in January 2022.
