Eolus, a Swedish renewables developer, has divested three Swedish wind projects totaling 125 MW to Swiss power provider BKW. Skallberget/Utterberget, Tjärnäs and Rosenskog are under construction and will begin operations in the fourth quarter of 2023. The three projects are powered by 19 wind turbines and will generate 330 GWh of clean energy annually. The deal includes all the shares at an enterprise value of €189 million, along with €19 million in the share purchase price.
Reportedly, Eolus will manage the projects’ construction as part of a construction management agreement (CMA) on behalf of BKW. Revenues under the CMA are estimated to be €29.5 million. By the end of the second quarter of 2023, construction was estimated to be 75 per cent completed for the Rosenskog project and 55 per cent for Skallberget/Utterberget and Tjärnäs.
The acquisition strengthens BKW’s footprint in the Scandinavian region, bringing synergies in operation, maintenance, and installation, particularly with the nearby Marker wind farm in Norway, which the business commissioned in 2019. The installed capacity of BKW will increase to 980 MW. By 2026, the company’s objective of owning 1 GW of clean energy projects has been achieved.