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An arbitration award in a case regarding the Kråktorpet and Nylandsbergen wind projects outside Sundsvall has been announced today. The award is estimated to have a positive effect on Eolus’s operating profit by SEK 96 million in the third quarter. The estimated effect on profit before tax is SEK 85 million in the third quarter. Cash flow will be negatively affected by approximately SEK 28 million in the fourth quarter.

In January 2018, the contractor received the contract to design and execute roads and crane sites as well as electrical grids for the Kråktorpet and Nylandsbergen wind farms. The parties could not agree on responsibility for damages and delays due to insufficient roads, etc. during the thawing period in connection with the construction of the wind farms and a dispute was initiated in 2020. The arbitration award was announced today, 16 October, 2023.

Arbitration award - profit before tax positively affected by SEK 85 million in the third quarter

Eolus has filed a permit application for the Västvind wind power project, located west of Gothenburg. The project consists of up to 50 turbines with an installed capacity of 1,000 MW and estimated annual electricity generation of approximately 4 TWh.

The offshore wind power project is situated off the western coast of Sweden, outside Öckerö and Kungälv. The project can potentially be completed by 2029 and provide a significant addition of green electricity as required by the major companies in the region as well as other operations. One example of such operations is the Port of Gothenburg, which stands on the threshold of a green transition and thus a sharp increase in its electricity requirements between now and 2030. As part of its commitment to secure the supply of green electricity, Göteborgs Hamn AB has become a joint owner with a 5% stake in the project.

“The annual electricity generation from Västvind is equivalent to all current electricity consumption in Gothenburg. Electricity supply is a critical issue for the region’s continued development and during the spring, the County Governor stated that several offshore wind power projects need to be built in Västra Götaland over the coming years – as well as more onshore wind power projects – to meet the need for 15 TWh of new electricity generation by 2030. Major electricity generation projects in the region that can be completed before 2030 are in short supply. Västvind can be completed by 2029 and is thus necessary if the region is to have a chance of achieving its goal,” says Per Witalisson, CEO of Eolus.

“Without the addition of new electricity generation, the region’s development and thus jobs in the automotive and chemicals industries are under threat. The wind power project itself will create a large number of jobs in the locality, both during the construction phase and when the farm is in operation. Based on a study of incentives and compensation in connection with wind power establishments presented in the spring, the municipalities of Öckerö and Kungälv can also expect to receive several million Swedish kronor per year earmarked for local activities if the proposal is implemented.”

The permit application is to be processed by both the Land and Environment Court in Västra Götaland and the government, as the project is situated in territorial waters, which is the responsibility of the Land and Environment Court, and in Sweden’s economic zone, for which the government is responsible for granting permits. The permit application, including the environmental impact assessment, will be circulated for consultation among relevant stakeholders prior to a decision being taken on the permit.

“I am very pleased that we have now filed the permit application and are thus moving the project forward. Sweden has robust environmental laws and we hope that the feedback from the consultation process will be constructive and will help make the project even better. Our aim is to engage in ongoing dialogue with commercial fisheries, the Swedish Armed Forces, the municipalities and other stakeholders to identify constructive solutions for coexistence that will also allow us to support the development of the stakeholders’ operations. Commercial fisheries have a long tradition on the west coast of Sweden and are an important supplier of food. We have initiated dialogue with them for the purpose of discussing remuneration and compensatory measures for the impact caused by the farm,” says Anna Lundsgård, Head of Offshore at Eolus.

About the electricity situation in Västra Götaland
Västra Götaland is the region in Sweden with by far the highest number of people working in the industrial sector. Electricity generation in Västra Götaland currently accounts for less than one third of the region’s electricity consumption. The Council for the Green Transition in Västra Götaland (Sw: Rådet för grön industriomställning i Västra Götaland), which is led by the County Governor and the chair of the regional council, has stated that a further 15 TWh of new fossil-free electricity generation is required by 2030 to meet the requirements of the current industrial transition and approved new establishments, such as the two battery factories. The Council has identified offshore wind power as the principal source of new electricity generation in Västra Götaland in the period through 2030. (Source in Swedish: https://www.lansstyrelsen.se/download/18.579396b51864b78272023cbe/1676971374013/Brev-till-Busch-och-Pourmokhtari.pdf)

About the Västvind wind farm
Planned capacity: 1,000 MW
Planned electricity generation: 4–4.5 TWh per year
No. of turbines: Up to 50 turbines with a maximum total height of 320 meters.
Ownership structure: Eolus Offshore AB: 95%, Göteborgs Hamn AB: 5%
Planned start of construction: 2027
Planned completion: 2029
Read more about the project at eolusvind.com/vastvind (in Swedish).

ABOUT EOLUS
Eolus is one of the leading developers of renewable energy in the Nordics and we are active in the whole value chain from development of green field projects to construction and operation of renewable projects. We offer attractive and competitive investments in the Nordic and Baltic countries, Poland and the United States. Founded in 1990, Eolus has constructed 738 wind turbines with a capacity of 1,814 MW. Eolus has signed contracts for 1,150 MW of asset management services of which 825 MW are in operation.
Eolus’ Class B share is traded on Nasdaq Stockholm Mid Cap. For further information, please visit www.eolusvind.com.

Eolus applies for permit for Västvind offshore wind power project

Offshore Wind Power

Västvind Map

Per Witalisson, CEO, Eolus

Anna Lundsgård, Head of Offshore, Eolus

Eolus has made an investment decision for the 100 MW stand-alone battery storage project Pome in the United States. Construction of the project will commence in Q3 2023 with planned commercial operation in Q4 2024.

The Pome battery storage project is located in San Diego County, California and has a planned capacity of 100 MW/400 MWh. An agreement regarding supply of a battery energy storage system has been signed with a major BESS supplier, and a ten-year tolling agreement has been signed with an undisclosed buyer. The project is under development by Eolus North America since 2019.

“There is a strong demand for energy storage in California to support the energy system and we are excited to realize this project. We see great interest for investing in renewable energy and energy storage”, says Hans-Christian Schulze, Country Manager of Eolus North America.

“Eolus has been active in the US since 2015 and we have a strong project pipeline, where the US projects make up one-quarter of Eolus’s total project portfolio. After the Inflation Reduction Act being signed the US market is really booming. We are delighted to continue our investments by constructing the Pome project”, says Per Witalisson, CEO of Eolus.

Eolus North America is currently developing 6,000 MW of projects in the Western United States and has developed and sold approximately 900 MW of wind, solar plus storage and stand-alone storage projects in California and Arizona. Eolus North America is a wholly-owned subsidiary of Eolus Vind AB.

Eolus has made investment decision for the Pome battery project in US

Battery Energy Storage System, BESS

An important milestone has recently been achieved in the solar and battery storage project located in Arizona, US, which was sold by Eolus in October 2022. As a result of obtaining site control and signing a grid interconnection agreement, Eolus has recently received a substantial milestone payment. Eolus has now collected approximately 40 percent of the total expected consideration.

The solar and battery storage project is located in Arizona, US, and is expected to have an initial aggregate capacity of 750 MWac solar photovoltaic generation and battery storage capacity.

“I am delighted to see that the project continues to develop well and that it now has reached a very important milestone in the project development. Once completed, it has the potential to generate more than 1 000 GWh of well-needed dispatchable clean energy per year”, says Per Witalisson, CEO of Eolus.

Further purchase price instalment payments will be made based on the project’s progress and the fulfilment of certain remaining milestones. These milestones involve advancing the development of the project, preparing it for financing and construction, and ultimately achieving commercial operation. The total purchase price is estimated to be between USD 104 and 190 million, which will be paid in stages until the estimated completion date planned for 2026. The buyer’s ongoing development and dimensioning of the project will determine the precise amounts of subsequent payments to Eolus within the above-mentioned range.

Important milestone achieved in solar and battery storage project developed by Eolus in Arizona

Solar park

Eolus has sold the wind power projects Skallberget/Utterberget, Tjärnäs and Rosenskog, totalling 125 MW, to BKW. The projects are under construction and commercial operation is planned for the fourth quarter 2023.

The transaction covers all the shares in the project companies at an enterprise value of EUR 189.3 million and a share purchase price of EUR 18.9 million. Eolus will manage the construction of the wind farms under a Construction Management Agreement (CMA) on behalf of BKW. Revenues under the CMA is estimated to approximately EUR 29.5 million and will be accounted for over the course of the remaining construction period in accordance with the percentage of completion method. At the end of Q2, the degree of completion is estimated to be around 75 percent for the Rosenskog project and around 55 percent for the Skallberget/Utterberget and Tjärnäs projects.

Eolus has also been entrusted to provide technical, operational, and administrative services for the wind farms on a long-term contract.

Signing and closing of the transaction has taken place today, 26 June.

The three projects are located in price area SE3 in Southern Sweden, where there is a strong need for new electricity production to secure access to renewable energy at reasonable prices for private individuals and businesses. A major global energy company will purchase all the electricity from the wind farms under a Power Purchase Agreement.

“There is a strong interest in investing in renewable energy, and we are excited to welcoming BKW as a partner when they do their first investment in Sweden. With over 100 years in the energy sector, BKW is a significant player in the European energy sector, and we look forward to our cooperation”, says Per Witalisson, CEO of Eolus.

“This transaction once again demonstrates Eolus’ ability to provide attractive projects and investment opportunities to the market. We continue to see strong market activity and are delighted to team up with BKW for these projects”, says Christer Baden Hansen, Chief Commercial Officer of Eolus.

“We are delighted with the acquisition of newly built wind parks with state-of-the-art technology from an experienced developer like Eolus. With this investment we remain on track with our contribution to a decarbonized future based on sustainable energy infrastructure and we strengthen our presence in the attractive Scandinavian market with further assets and services,” says Margarita Aleksieva, Head of Wind and Solar at BKW.

About the projects:

SKALLBERGET/UTTERBERGET
Location: Avesta Municipality, price area SE3, Sweden
Capacity: 79.2 MW Electricity production: 210 GWh per year
Turbines: 12 Siemens Gamesa SG 6.6-170

TJÄRNÄS
Location: Hedemora Municipality, price area SE3, Sweden
Capacity: 26.4 MW Electricity production: 66 GWh per year
Turbines: 4 Siemens Gamesa SG 6.6-170

ROSENSKOG
Location: Falköping Municipality, price area SE3, Sweden
Capacity: 19.1 MW Electricity production: 56 GWh per year
Turbines: 3 Siemens Gamesa SG 6.x-170

Eolus completes sales transaction with BKW for 125 MW Swedish wind projects

Rosenskog, Sweden, May 2023

Per Witalisson

Christer Baden Hansen

Hässleholm, Sweden, July 7, 2022

Eolus has signed credit facilities with Swedbank totaling SEK 1 200 million and increased the credit facilities with Svensk Exportkredit. With these agreements, the company has secured financing for Eolus’s planned expansion in the next four years.

The credit agreement with Swedbank comprises liquidity and construction facilities totaling SEK 1 200 million with a tenor of four years. The agreement enables financing of ongoing and upcoming projects under construction where Eolus is responsible for financing during the construction phase and secures good liquidity in the daily operations.

At the same time, Eolus’s credit agreement with Svensk Exportkredit (Swedish Export Credit Corporation) has been increased to SEK 300 million.

– The new credit agreements give us room for manoeuvre and financial capacity to realise projects with flexibility towards customers and partners which is especially important in an unpredictable time with both war and inflation, says Per Witalisson, CEO of Eolus.

For further information contact:
Per Witalisson, CEO, +46 702 65 16 15
Catharina Persson, CFO, +46 709 32 97 77

About Eolus:
Since the company’s inception thirty years ago, Eolus has grown to become one of the leading developers of renewable energy in the Nordic region. Today, we develop, establish, and manage renewable energy projects in onshore and offshore wind power, solar power and energy storage. Eolus offers attractive and competitive investment opportunities in the Nordic region, the US, Poland and the Baltic countries. With our competent and dedicated staff, we are taking the company forward at a rapid pace and driving the transition to renewable electricity generation. Founded in 1990, Eolus has constructed 666 wind turbines with a capacity of 1,414 MW. Eolus has signed contracts for about 1,322 MW of asset management services of which 914 MW are in operation.

Eolus’s Class B share is traded on Nasdaq Stockholm Mid Cap. www.eolusvind.com

220707 Eolus secures financing totalling SEK 1500 million

Eolus Vind AB
Company Announcement

Eolus’ shares to be listed

Hässleholm, Sweden, 2015-01-23 18:15 CET (GLOBE NEWSWIRE) -- 


NASDAQ OMX Stockholm AB’s Listing Committee has approved Eolus Vind AB (publ)
for listing on Nasdaq Stockholm and the listing applies for all class B shares
in Eolus. The first day of trading on Nasdaq Stockholm is estimated to be
February 2, 2015. 

The current listing of Eolus on First North Premier will terminate in
conjunction with the listing on Nasdaq Stockholm. The last day for share
trading on First North Premier is estimated to be January 30, 2015. The
company’s shareholders are not required to take any action in connection with
the stock-exchange listing. 

Eolus was listed on Nasdaq First North on May 28, 2009. In April 2014, the
Board of Directors decided to change the trading venue for the company’s class
B shares with the aim of applying for a listing on Nasdaq Stockholm. The Eolus
share was listed on First North Premier on May 5, 2014 as part of the process
of floating the company on Nasdaq Stockholm. 

Eolus Vind AB has applied to Finansinspektionen (Sweden's financial supervisory
authority) for the approval and registration of a prospectus that has been
prepared for the flotation of the company. The prospectus has been approved and
registered at Finansinspektionen pursuant to the Swedish Financial Instruments
Trading Act (1991:980). The prospectus will be made available via
Finansinspektionen’s website (www.fi.se) and on the company’s website
(www.eolusvind.com), and is also available on request in paper format from the
company’s head office. 

For further information contact:
Per Witalisson, CEO, +46 10 199 88 02
Catharina Persson, CFO, +46 10 199 88 17
Johan Hammarqvist, head of communications, +46 10 199 88 10

Eolus Vind AB discloses the information provided herein pursuant to the Swedish
Securities Markets Act and/or the Swedish Financial Instruments Trading Act.
The information was submitted for publication January 23rd 2015 at 6.15 PM. 

Important information

The information in this press release does not constitute an offer or an
invitation to buy or sell any securities in Eolus Vind AB. The information in
this press release is not intended for release, publication or distribution,
directly or indirectly, in the US, Australia, Hong Kong, Japan, Canada,
Switzerland, Singapore, South Africa, New Zealand or any other jurisdiction in
which the distribution of this press release could be in breach of applicable
laws or other regulations. This document has not been approved by any
government agency. 

About Eolus:
Eolus Vind AB is one of the leading wind power developers in Sweden. Eolus is
active in the whole value chain from development of green field projects to
construction and operation of wind farms. Eolus offers attractive and
competitive investments in the Nordic and Baltic countries to both local and
international investors. Founded in 1990, Eolus has constructed nearly 470 wind
turbines of the approximately 3 000 wind turbines operating in Sweden. The
Eolus Group currently owns and operates an installed capacity of 68 MW and a
yearly electricity production of 167 GWh. Eolus Vind AB has approximately 3 000
shareholders. Eolus shares are listed at NASDAQ OMX First North Premier in
Stockholm with Erik Penser Bankaktiebolag as certified adviser. 

For more information about Eolus, please visit www.eolusvind.com

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