Arise enters deal for the sale of Ranasjö and Salsjöhöjden wind farms

Arise AB has entered into an agreement with The Renewables Infrastructure Group Limited (TRIG) and funds managed by InfraRed, for the sale of the Ranasjö and Salsjöhöjden wind farms, together totalling 242 MW.

The projects are located near Sollefteåand, about 100 km from Östersund, in the SE2 Nord Pool price area in Sweden. The Ranasjö project will comprise 25 turbines, while the Salsjö project will comprise 14 Siemens Gamesa 170 6.2MW wind turbines. The projects' construction is planned to start in the second half of 2021 and is expected to be complete in 2024.

At closing, Arise will receive fixed consideration of EUR8.5 million (US$10.34 million). An additional EUR11.6 million (US$14.1 million) in variable consideration is expected to be received once the construction of the projects has been completed. The sale will have a positive impact on earnings of approximately SEK140 million (US$16.89 million) in total over the years 2021 to 2024, of which around SEK45 million (US$5.43 million) in the second quarter of 2021.

The transaction is expected to close by end of June 2021, subject to certain conditions being satisfied, including entering into final agreements for the construction of the projects.