Arise announces the acquisition and subsequent sale of the 115 MW Svartnäs wind farm to a fund managed by BlackRock
Arise AB (publ) (“Arise”) has exercised its option right to acquire the 115 MW Svartnäs wind farm (the “Project”) from Bergvik Skog AB. Subsequently, Arise has entered into an agreement with a fund managed by BlackRock, the world’s largest asset manager, for the sale of the Project. Arise has performed final development, design and procurement of the Project, including sourcing an investor. Arise expects that the sale will have a positive impact on earnings of up to 97 MSEK over the years 2017 – 2019, including some profit taking relating to existing certificate hedges. The final outcome in terms of earnings and cash flow is dependent on how construction of the Project proceeds versus plan and budget.
Arise will manage the construction and once operational, manage the Project on behalf of BlackRock through a construction and asset management agreement.
Total project costs are estimated to approx. 130 MEUR which will be fully funded by BlackRock. Vestas will be supplying 32 Vestas V136, 3.6 MW turbines. Construction of the Project will begin in August and commissioning is expected early 2019.
“We are delighted to partner with BlackRock and realise the Svartnäs project. This is a transaction fully in line with our strategy to create value from development, construction and asset management services. We take pride in the fact that BlackRock once again has chosen to work with us. We look forward to exploit more opportunities with BlackRock in the future and are very happy to construct and manage assets on their behalf in Sweden and Norway”, says Daniel Johansson, CEO of Arise.
“We are very pleased to invest in the Svartnäs wind project on behalf of our clients, in partnership with Arise. We view the Swedish renewables market, and the Nordic region more widely, as an attractive market for wind projects. This transaction demonstrates BlackRock’s continued focus on renewable power investments, where the firm now has over $4.0bn of equity assets under management, and has invested in over 100 wind and solar projects globally.” said Rory O’Connor, Managing Director and Head of Renewable Power for Europe at BlackRock.
Halmstad 30 June, 2017
ARISE AB (publ)
For further information, please contact
Daniel Johansson, CEO Arise AB, +46 702 244 133
Linus Hägg, CFO Arise AB, +46 702 448 916
This information is information that Arise AB is obliged to make public pursuant to the EU MarketAbuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15.15 CET on 30 June, 2017.
Arise is one of Sweden´s leading wind power companies, with the business concept to develop, build and manage onshore wind farms for its own account and on behalf of investors. The company is listed on NASDAQ Stockholm.
Arise AB (publ), P.O. Box 808, SE-301 18 Halmstad, Sweden, telephone +46 (0)10 450 71 00, corporate id .no. 556274-6726
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At March 31, 2017, BlackRock’s AUM was $5.4 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and
enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of March 31, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com | Twitter: @blackrockUKnews |
About BlackRock Real Assets
BlackRock, the largest investment manager in the world, sits at the intersection of global capital and Real Asset investing opportunities. With deep industry expertise, demonstrated access to proprietary deals and a purely fiduciary mindset, our experienced investment professionals leverage BlackRock's risk management capabilities, global reach and deep local presence to deliver compelling investment opportunities to meet our clients' needs. BlackRock provides investors with Private Real Estate Debt & Equity, Real Estate Securities and Infrastructure Debt & Equity via funds, co-investments and managed accounts, and currently has approximately $36.5 billion in invested and committed Real Estate and Infrastructure assets and capital as of May 31, 2017. Our approximately 365-person team is based in 25 offices globally.*
*Includes combined invested and committed capital to BlackRock’s Real Assets platform and First Reserve Energy Infrastructure Funds, as well as headcount and office locations from the First Reserve Energy Infrastructure Funds transaction as of May 31, 2017.