Aquila Capital Investmentgesellschaft Mbh completed its acquisition of Øyfjellet Wind AS from Eolus Vind AB.
The deal involves a 100% stake in the project company, which holds the rights to build a 400-MW wind farm near Mosjøen in Vefsn municipality in Norway, as well as a 15-year power contract with Alcoa Norway ANS.
Eolus will manage while Aquila Capital will finance the construction of the facility. Upon completion, which is expected in the autumn of 2021, Eolus will provide technical, operational and administrative services to the wind farm for 15 years.
The project's revenues and expenses will be accounted for by Eolus based on the percentage of completion method. Preliminary revenue is expected to amount to €441 million, while final purchase prices will be determined once the project is completed.
The deal is subject to conditions by the Norwegian Water Resources and Energy Directorate.