Arise AB has entered into an agreement with a fund managed by Allianz Capital Partners (ACP), for the sale of the construction-ready 33 MW Mombyåsen wind farm.
In addition to the sale, Arise will deliver civil and internal grid works under a turn-key contract as well as manage the construction, and once operational, operate the Project on behalf of ACP through asset management agreements.
As a result Arise estimates to receive revenues under the various contracts relating to the sale and construction phase with a corresponding positive earnings impact of approx. 33 MSEK in 2015 and 2016, combined. Arise will also receive asset management revenues under a 5-year contract after the Project has been commissioned.
Vestas will be supplying 10 Vestas V126 3.3 MW turbines for the Project. Vattenfall will supply the grid connection and Arise will supply the civil and internal grid works which has been subcontracted to among others NCC. Construction of the Project has begun and commissioning is expected during the end of 2016.
Arise secured the project rights to Mombyåsen in 2014 and finally acquired the underlying project rights in May 2015 from E.ON. During this period Arise worked successfully to bring the Project to a construction ready phase and to secure an investor.
“We are delighted to have partnered with Allianz in this project and look forward to working together with such a reputable organisation in delivering this project. We are also pleased that this marks the fifth transaction, or a total of 128 MW (of which 98 MW sold), by Arise in a time period of only 9 months, demonstrating our capability to deliver on our strategy as well as the strength of our portfolio and construction & asset management platform”, says Peter Nygren, CEO of Arise.
“We are very pleased to further strengthen our position in the Swedish wind market by acquiring the Mombyåsen project – our fourth wind park in Sweden”, says David Jones, Head of Renewable Energy at Allianz Capital Partners. “We are looking forward to working with both Arise and Vestas to ensure the smooth construction and optimal long-term operation of the asset.”
