EWZ will pay €95 million for the projects in the south of the country, of which €56 million will be paid on the takeover date for the three developments that are already operating. The remainder of the purchase price will be paid once the fourth project is brought online.
In January 2014, Google agreed to buy the power from the four projects for the next 10 years in order to run its data center in Hamina, Finland.
The four developments are Skalleberg in Hjo municipality, Mungserod in Tanum municipality, Ramsnas in Laxa municipality and Alered in Falkenberg municipality. They are made up of 29 Vestas V90, V100 and V112 turbines,
As part of the deal, Eolus will continue to provide technical services at the projects for a period of 12 years and administrative services for four years.
As a result of the transaction, Eolus Group expects its debt to decline by around SEK 238 million (€25 million) once construction loans are paid off.
EWZ is the publicly-owned utility for Zurich, Switzerland. It has a target of investing CHF 100-400 million (€99-€397 million) a year in renewable energy to replace traditional power generation.
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