Eolus Vind: ’21e-’23e EPS up 11-23% after acquisition - ABG

Jointly acquires a wind power project, capacity up to 260 MW
On Friday, Eolus announced that it had acquired its second wind power project within one week. Eolus and Hydro REIN have jointly acquired the fully-permitted ‘Stor-Skälsjön’ wind power project from Enercon, of which Hydro REIN and Eolus will own 49% and 51% of the project, respectively. The project’s capacity totals up to 260 MW, and depending on the turbines they choose, the outcome is likely to be 250-260 MW. It is located in the Sundsvall and Timrå municipalities in the Swedish SE2 electricity price area and will be covered by a 12-year PPA contract with Hydro. The purchase price for the project rights was EUR 17m, and besides this, Enercon will be compensated for the conducted construction works. The project has a signed grid connection agreement and the connection is expected to be completed this summer. Further, the sales process will be initiated this summer, and later during the autumn, supplier contracts will be signed with commissioning expected to commence in H2’23.