Fortum Generation has bought from Arise the 75MW Solberg wind farm in northern Sweden.
Arise will also provide construction management services subject to a final investment decision by Fortum.
Arise acquired the project from Ownpower Projects in 2011 and it has since been developed in partnership with OPP under a profit sharing arrangement.
Proceeds from the sale to Fortum will be divided between Arise and OPP accordingly.
Arise estimates that its share of the profits will be up to Skr30m. In addition, the company will be reimbursed for accrued capital expenditure at closing amounting to about Skr33m.
EY has acted as financial adviser to Arise.
Arise chief financial officer Linus Hägg said: “Our portfolio and construction and asset management platform continue to offer an attractive proposition to investors in Nordic renewable energy.
Fortum business development manager Mikko Iso-Tryykäri said: “The site is construction-ready with very good conditions for wind power production.
“It is a good fit with our recently announced new strategy that targets significant growth in wind power.”
Image: Arise
