A memorandum of understanding has been entered into with Platina Partners with the purpose to jointly build and own 160 to 250 MW in project Lingbo
Arise Windpower AB (publ) (”Arise”) has entered into a memorandum of understanding with Platina Partners LLP (”Platina”), together (the ”Parties”), with the intention to jointly finance, build, own and operate project Lingbo, in total amounting to 160 to 250 MW.
Lingbo has been developed by Bergvik Skog AB with a right for Platina to acquire the entire project and in turn Arise has the right to acquire 12.5 % to 50 % of the project. The Lingbo project is situated approximately 30 kilometers north of the so called Jädraås project and is fully permitted with the right to erect up to 85 wind turbines. Detailed planning and preparations for construction start are ongoing and construction is estimated to begin at the earliest in the autumn/winter 2012.
The memorandum of understanding is subject to final approval by the Parties’ board of directors, which for Arise is expected to take place on 25 April this year. Financing required for Arise to reach a significant ownership stake in excess of 12.5 % has been raised in a successful bond issue of SEK 350m announced earlier this week. The ownership stake represented by SEK 350m depends on the final size of the project. The memorandum of understanding is an extension of the Parties’ successful cooperation in project Jädraås, 203 MW, currently in construction and developing according to plan.
Through the extended cooperation with Platina, Arise is consolidating its position as the leading onshore windpower company in Sweden.
Halmstad, 16 March 2012
ARISE WINDPOWER AB (publ)
For further information, please contact
Peter Nygren, CEO Arise Windpower AB, +46 706 300 680
Linus Hägg, Head of Corporate Finance, Arise Windpower AB, +46 702 448 916
Mikael Schoultz, Partner Platina Partner LLP, +44 784 307 4373
The information contained herein constitutes information which Arise Windpower AB is legally required to publish under the Swedish Securities Market Act (SFS 2007:528) and/or the Swedish Financial Instruments Trading Act. The information was released for publication at 12.00 a.m. on 16 March.
About Arise Windpower
Arise Windpower is one of Sweden’s leading companies in onshore wind power. Its business concept is to sell electricity generated at the company’s own wind turbines. The company’s target is to have about 700 MW (equivalent to about 300 wind turbines) in operation or under construction by 2014. Arise Windpower is listed on NASDAQ OMX Stockholm.
Arise Windpower AB (publ), P.O. Box 808, SE-301 18 Halmstad, Sweden, telephone +46 (0)35 20 20 900, corporate id no. 556274-6726
About Platina Partners LLP
Platina Partners LLP ( www.platinapartners.com ) ("Platina") is an independent European investment firm established in 2002- It focuses on renewable energy infrastructure projects (mostly wind and solar) and special situation buyouts to transform businesses. With equity under management of c.?500m and an experienced investment team based in London, Paris and Milan, Platina Partners has a track-record of delivering value to its investor base which comprises leading institutional investors, pension funds and family offices.