Sweden: Arise acquires the Kölvallen project from Ownpower Projects

Today Arise exercised its option to acquire the project company from Ownpower Projects Europe AB. Arise has acquired the shares in the project company from OPP for a purchase price of MSEK 20, of which MSEK 15 has been paid in connection with closing of the transaction today and MSEK 5 will be paid at a later stage when certain project criteria are fulfilled.  

The Project, which is located in Ljusdals municipality, has been developed by Arise together with OPP and is expected to include the right to build approx. 50 wind turbines in an area with good wind conditions. The Project’s installed capacity is estimated to approx. 180 MW. The final size of the Project depends on the environmental permit gaining full legal force, which is expected to occur during the second quarter of 2016.

The Project has now entered a stage where Arise finds it attractive to acquire the project company and finalise the development work on its own as a preparation for a future sale.

The acquisition of Kölvallen lies well within Arise’s strategy to acquire and develop attractive wind power projects for the purpose of selling them on to external investors. During the last 18 months, Arise has successfully sold a number of projects, exceeding 180 MW in total, to Swedish and international investors.

“We look forward to being able to offer an attractive project to investors in renewable energy. We are also happy with our long-standing partnership with OPP, which provided us with this opportunity,” says Daniel Johansson, CEO of Arise.