MEAG to acquire 75% stakes in 260 MW Onshore wind project in Sweden

Eolus and Hydro REIN have signed an agreement with MEAG regarding the sale of 75% of the shares in the 260 MW wind power project Stor-Skälsjön in Sweden.

The transaction covers 75% of the shares in the project company at an enterprise value of EUR 361.4 million (US$390.8 million). Eolus is to sell all its shares amounting to 51% for a purchase price of EUR18.4 million (US$19.93 million). Hydro REIN will sell 24% of the shares for a purchase price of EUR8.7 million (US$9.42 million) and will remain co-owner of the project with a 25% interest. Eolus and Hydro Rein acquired the project from Enercon in June 2021.

The wind farm is located in Sundsvall and Timrå municipalities in Sweden (SE2) and will consist of 42 Siemens Gamesa SG 6.6-170 wind turbines. Construction has started and commissioning is planned for autumn 2023.

The transaction is subject to customary approvals from competition authorities and is expected to be completed later this year.