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Fred. Olsen Renewables (FORAS) has entered into an agreement for the sale of its 51% stake in Global Wind Power France (GWP) to an unnamed French industrial company.
The sale is part of a transaction where the buyer acquires 100% of the shares in GWP from FORAS and the other shareholder, Global Wind Power Europe (GWPE). The transaction, including repayment of shareholder loans, is expected to give net cash proceeds to FORAS in the first quarter of 2020 of approximately € 46 million. GWP is a developer which identifies and secures sites suitable for onshore wind projects in France, develops them through to consent and then sells to third parties prior to construction. FORAS acquired the 51% stake in 2016.
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