Eolus Vind AB
Other information disclosed according to the rules of the Exchange
Eolus sells wind farm Jenåsen to Munich Re
Hässleholm, Sweden, 2017-05-31 12:00 CEST (GLOBE NEWSWIRE) --
Eolus has signed an agreement with Munich Re regarding the sale of wind farm
Jenåsen comprising 23 Vestas wind turbines with an installed capacity of 79 MW.
The electricity produced by the wind farm will be sold to Google via a power
purchase agreement.
The transaction covers the sale of all shares in a project company that owns
the wind farm. The purchase price amounts to EUR 106 million. Take over and
payment is expected to occur after the completion of the wind farm in the
summer of 2018.
As part of the agreement Eolus has been entrusted to provide technical,
operational and administrative services for the wind farm, located in Liden in
Sundsvall municipality, in order to maximize outcome and production from the
facility.
-I´m proud that Eolus yet again is entrusted to deliver a wind farm to Munich
Re. Jenåsen is the sixth wind farm developed by Eolus that MEAG/Munich Re
invests in. These investments total about 147 MW, says Eolus CEO Per
Witalisson.
In connection with the agreement Eolus will, for EUR 9 million, acquire the
right to 96 percent of all electricity certificates that will be produced
during the 15 year period the wind farm is eligible for certificates.
-Through the political agreement regarding the extension of the electricity
certificate system the conditions on the market have been clarified. By
acquiring the right to these electricity certificates a recurring cash flow for
Eolus is generated and we see a potential upside for Eolus earnings, says Eolus
CEO Per Witalisson.
-We greatly value the relationship that Eolus has formed with MEAG/Munich Re.
We will do our utmost to meet the expectations that follows with managing their
large investments in Swedish wind power says Eolus deputy CEO and COO Marcus
Landelin.
-We are pleased to announce a further project acquisition in Sweden. The
investment makes an attractive and lasting contribution to the risk
diversification of our portfolio and helps to cover Munich Re’s long-term
liabilities deriving from its insurance business, MEAG Managing Director Holger
Kerzel explains.
About MEAG:
MEAG stands for best practice asset management for Munich Re and ERGO. MEAG is
represented in Europe, Asia and North America and also offers its extensive
know-how to institutional investors and private clients from outside the Group.
MEAG currently manages assets to the value of around € 258 billion.
For further information contact:
Per Witalisson, CEO, +46 10 199 88 02
Johan Hammarqvist, head of communications, +46 10 199 88 10
The information in this press release is disclosed pursuant to the EU Market
Abuse Regulation. The information was released for public disclosure through
the agency of head of communication Johan Hammarqvist on May 31st 2017, at
12.00 PM CET.
About Eolus:
Eolus Vind AB is one of the leading wind power developers in Sweden. Eolus is
active in the whole value chain from development of green field projects to
construction and operation of wind farms. Eolus offers attractive and
competitive investments in the Nordic and Baltic countries to both local and
international investors. Founded in 1990, Eolus has constructed nearly 500 wind
turbines of the approximately 3 300 wind turbines operating in Sweden. The
Eolus Group currently owns an installed capacity of 22 MW and a yearly
electricity production of 49 GWh. Eolus operates approximately 350 MW for
customers and the company itself.
Eolus Vind AB has approximately 5 600 shareholders. Eolus shares are listed at
Nasdaq Stockholm.
For more information about Eolus, please visit www.eolusvind.com
