German company Commerz Real has terminated the share purchase agreement that would have seen the investor acquire three wind farms from Eolus in Sweden totalling 68MW.
Eolus said it had been notified by Commerz Real that the deal has been cancelled because of “conditions for the transaction not being fulfilled”.
The “conditions not fulfilled relates to sufficient permits not being granted by the authorities before the long-stop date in the agreement between Eolus and Commerz Real”, the company said.
Eolus said that as a consequence its order backlog will decrease by €82.5m and signed contracts for future asset management services will decrease by 68MW.
The developer said that no revenues from the agreement have been recognised in Eolus’ financial reports.
Eolus will pay a termination fee of €200,000 to the investor Commerz Real, it added.
The sales process will immediately restart for the three projects located in southern Sweden, Eolus said.