Eolus completes sale of 125 MW Swedish wind farms to BKW

Eolus has completed the sale of three wind farms, namely Skallberget/Utterberget, Tjärnäs, and Rosenskog, with a combined capacity of 125 MW located in Sweden to Swiss energy developer, BKW AG. 

The transaction covers all the shares in the project companies at an enterprise value of EUR189.3 million (US$206.27 million) and a share purchase price of EUR 18.9 million (US$20.59 million). Eolus will manage the construction of the wind farms under a Construction Management Agreement (CMA) on behalf of BKW. Revenues under the CMA are estimated to be approximately EUR29.5 million (US$32.14 million) and will be accounted for over the course of the remaining construction period in accordance with the percentage of completion method. At the end of Q2, the degree of completion is estimated to be around 75 percent for the Rosenskog project and around 55 percent for the Skallberget/Utterberget and Tjärnäs projects.

Eolus has also been entrusted to provide technical, operational, and administrative services for the wind farms on a long-term contract.