Arise and Fortum agree to investigate a possible sale of the Kölvallen wind project
Arise AB group has signed a Letter of Intent (LOI) with Fortum Sverige AB regarding a possible sale of the 180 MW Kölvallen wind farm in Sweden currently in final development.
The project, which is located in Ljusdals municipality, has been developed by Arise together with Ownpower Projects Europe AB (OPP). The project’s installed capacity is estimated to approx. 180 MW.
The LOI targets a sale of the project to Fortum during the second quarter of 2017. However, such a sale will be subject to among other a successful final development of the project, including that the project obtains necessary legal force permits, as well as due diligence and an investment decision by Fortum.
The timeline represents a delay from what has previously been communicated by Arise regarding Kölvallen. This is due to longer than expected permitting processes which are still pending.
In April 2016, we reported Arise acquired the project company from OPP for a purchase price of US$2.5 million, of which US$1.85 million was paid in connection with closing of the transaction and US$0,62 million was paid at a later stage when certain project criteria are fulfilled.
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