Eolus signs agreement with Aquila Capital for the sale of the 400 MW Norwegian wind farm Oyfjellet

World News: . []

Hässleholm, Sweden, July 12, 2019

The transaction covers the sale of 100% of the shares of the project company that holds all the project rights for the wind power project, including a 15-year power purchase agreement with Alcoa Norway. The wind farm is located close to Mosjøen in Vefsn municipality in Norway.

The closing of the transaction, which is foreseen to take place during the autumn 2019 is subject to fulfillment of several conditions, such as granted detail plan (MTA-plan), procurement of wind turbines, grid connection agreement and balance of plant agreements.

At closing of the transaction, the parties have also agreed to sign a construction management agreement by which Eolus will manage the construction of the wind farm on behalf of Aquila. Eolus’ revenues under the construction management agreement is estimated to be approximately EUR 23 million. Eolus’s final revenues from both the share purchase agreement and the construction management agreement may deviate substantially upwards or downwards from the preliminary figures depending on the successful delivery of the wind farm. Final purchase prices will be calculated when the wind farm has been completed, which is expected to take place during the second half of 2021. The construction of the wind farm will be financed by Aquila.

Eolus has also been entrusted to provide technical, operational and administrative services during fifteen years to the wind farm to maximize outcome and production from the facility.

Roman Rosslenbroich, Co-Founder and CEO of Aquila Capital, comments:

In March 2018 Wind farm Oyfjellet entered into a power purchase agreement with Alcoa Norway. During 15 years Alcoa will purchase all the electricity produced at the wind farm to provide its production plant in nearby Mosjøen with locally produced electricity.

Per Witalisson, CEO, +46 10 199 88 02Marcus Landelin, COO +46 10 199 88 16

The information in this press release is disclosed pursuant to the EU Market Abuse Regulation. The information was released for public disclosure through the agency of head of communication Johan Hammarqvist on July 12, 2019, at 8.30 AM CET.

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Globe Newswire: 07:30 GMT Friday 12th July 2019

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