Arise Windpower has agreed to sell its 12.8MW Bohult wind farm in Sweden to a fund managed by Allianz Global Investors.
The Swedish outfit said the AREF2 fund will acquire the project for €19.1m on a cash and debt free basis.
The wind farm features 1.6MW GE turbines in the municipality of Halmstad that have been operational since 2014.
Final sign off on the deal is expected in September or early October. Arise will operate the wind farm under a 5-year asset management contract, it added.
“We are proud to announce what we think is an attractive transaction for Arise despite relatively tough market conditions,” said Arise chief executive Daniel Johansson. “We are now working with full force to achieve completion of the transaction during the fall.”
Meanwhile, the Swedish developer has also announced a pre-tax loss of SEK42m in the first six months of 2016, compared to a profit of SEK10m a year earlier. This included an impairment of SEK12m at the Bohult project due to “technology-related factors”, the company said.
Power production at the company’s wind farms fell to 281GWh in the first six months of this year compared to 406GWh in the same period in 2015 due to weaker winds.
Image: Arise Windpower’s Oxhult wind farm in Sweden (Arise)
