Renewables developer Arise is to sell the under-development 37MW Enviksberget wind farm in Sweden to a fund managed by Blackrock.
The sale agreement follows Arise exercising an option to buy the project, which will feature nine Siemens Gamesa 142 4.1MW turbines, itself from Dala Vind.
Arise will manage construction and the operational project on behalf of Blackrock. Construction will start this month, with commissioning slated for late 2019.
The sale is expected to have a positive impact on Arise’s earnings in 2018 and 2019 by about Skr40m (€3.9m). Arise said the final outcome in terms of earnings and cash flow is “dependent on how construction of the project proceeds versus plan and budget”.
The transaction also includes a production based earn-out mechanism, Arise added.
Arise chief executive Daniel Johansson said: “We are very pleased to partner with BlackRock once again. This is the third transaction with BlackRock and we now manage some 330MW of wind power assets in Sweden and Norway on BlackRock’s behalf.
“This is a transaction fully in line with our strategy to create value from development, construction and asset management services.”
BlackRock Real Assets portfolio manager in the renewable power investment team Sverker Akerblom said: “We are delighted to continue our long standing partnership with Arise in completing another transaction in Sweden following our acquisition of the Brotorp and Svartnas wind farms.
“We view the Swedish renewables market, and the Nordic region more widely, as an attractive market for wind projects and we have to date invested in more than 600MW of wind projects across Sweden and Norway producing enough electricity to power more than 300,000 European households.”