Eolus has signed an agreement with MEAG, Munich Re’s asset manager, regarding an investment in 38.4 MW of wind power developed by Eolus, for 425 MSEK.
The agreement covers the delivery of eight Vestas V112 3.3 MW wind turbines for a total of 26.4 MW in wind farm Iglasjön in Kungsbacka municipality and the operational 12 MW wind farm Jung-Åsa comprising of six Vestas V90 2.0MW wind turbines in Vara municipality. Wind farm Jung-Åsa was taken into operation during 2014 and wind farm Iglasjön is under construction and is scheduled to be taken into operation during 2016.
As part of the agreement Eolus has been entrusted to provide technical, operational and administrative services for both projects in order to maximize outcome and production from the facilities.
This is the second investment done by MEAG in Swedish wind power. In 2013 Eolus sold 14 operational wind turbines with an installed capacity of 30 MW to MEAG. Eolus manages also the previous investment on behalf of MEAG.
-MEAG is one of Europe´s largest investors and they have a strong commitment to investments in renewable clean energy. I am very happy that they once again have chosen Eolus as their partner when investing in the Nordic wind sector. It shows that we can provide high-quality facilities and services that are competitive in the current challenging market situation says Per Witalisson, CEO of Eolus.
-With the expansion of our existing portfolio in Sweden we are adding more sustainable investments with calculable risks and attractive returns to our portfolio, leveraging the know-how of the entire Group says MEAG Managing Director Holger Kerzel. -Sweden is an attractive location for investments in onshore wind due to its favourable wind conditions.
-The wind projects will deliver clean and cost effective power to the Swedish national grid, while offering long-term stable return for our institutional investor MEAG, Hans-Christian Schulze Sales Director adds. -This transaction highlights our abilities to deliver competitive clean energy investments opportunities to our financial partners whilst benefiting the community and strengthening the local economy.
The transaction, which includes all shares in the two companies owning the respective wind farms, is subject to fulfillment of a number of conditions before closing, which for Jung-Åsa is expected to occur in January 2016 and for Iglasjön at its completion which is scheduled to December 2016.
MEAG stands for best practice asset management for Munich Re and ERGO. MEAG is represented in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 255 billion.
For further information contact:
Per Witalisson, CEO, +46 10 199 88 02
Hans-Christian Schulze, sales director, +46 10 199 88 05
Johan Hammarqvist, head of communications, +46 10 199 88 10
Eolus Vind AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on December 7th 2015 at 8.30 AM (CET).