Eolus has completed the construction of the Swedish wind farm Bäckhammar. All conditions for the completion of the transaction between Eolus and KGAL regarding the establishment of the wind farm comprising 130 MW have been fulfilled and the buyer has taken over the facility.
In October 2018 Eolus signed an agreement with KGAL regarding the sale of wind farm Bäckhammar comprising 31 wind turbines of which 22 are of the model Vestas V136 4.2 MW and 9 of the model Vestas V150 4.2 MW.
KGAL acquired all shares in the project company that holds the project rights and at the same time signed an agreement with Eolus regarding the construction of the facility. The customer has provided construction financing. All conditions for the fulfillment of the transaction regarding the wind farm have been met and the final payment has occurred.
The wind farm will be owned by KGAL ESPF 4, a Fund advised by KGAL, and their co-investor Kempen Private Markets Fund. Eolus revenue recognition for the agreement regarding the construction of the wind farm has been done in accordance with the rules in IFRS 15, so-called the percentage of completion method.
Eolus will deliver asset management services for the wind farm. KGAL has raised construction financing and signed a Power Purchase Agreement (PPA) with Amazon Web Services for the wind farm.
