- Published: 26 December 2019 26 December 2019
Aquila Capital has acquired from Eolus all shares in Øyfjellet Wind that holds the rights to establish wind farm Øyfjellet with a capacity of 400MW. The transaction covers the sale of 100% of the shares of the project company that holds all the project rights for the wind power project, including a 15-year power purchase agreement with Alcoa Norway.
The parties have signed a construction management agreement by which Eolus will manage the construction of the wind farm on behalf of Aquila Capital. Completion of the wind farm is expected during the autumn of 2021. Eolus has also been entrusted to provide technical, operational and administrative services during fifteen years. The construction of the wind farm will be financed by Aquila. The wind farm is located close to Mosjøen in Vefsn municipality in Norway. Revenues and costs for the project will be accounted for by Eolus according to the percentage of completion method. The total preliminary revenue will amount to € 441 million. Final purchase prices will be determined upon completion, which is planned during autumn of 2021. The construction is financed in full by the buyer.