Eolus transfers ownership of 163 MW Kråktorpet wind project in Sundsvall to Aquila Capital
Eolus has completed Kråktorpet wind farm in Sundsvall municipality, Sweden and transferred ownership to Aquila Capital. All conditions for the completion of the transaction between Eolus and Aquila Capital regarding the establishment of the wind farm comprising 163 MW have been fulfilled and the buyer has taken over the facility.
In December 2017 Eolus signed an agreement with Aquila Capital regarding the sale of wind farm Kråktorpet, comprising 43 Vestas V136 3.8 MW wind turbines.
Aquila Capital 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. The agreement was made public through a press release on December 23rd, 2017.
All conditions for the fulfillment of the transaction regarding the wind farm have been met and the final payment has occurred. The final purchase price amounts to EUR173.5 million (US$191 million). Eolus revenue recognition for the agreement regarding the construction of the wind farm has been done in accordance with the rules in IFRS 15, the so-called percentage of completion method.
Eolus will deliver asset management services for the wind farm.
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