Eolus sells wind farm Jenåsen to Munich Re

5/31/2017, 12:00 PM (Source: GlobeNewswire)



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

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