Arise announces the sale of its 7.2 MW Skogaby wind farm to a fund managed by Allianz Global Investors
Arise AB (publ) (“Arise”), has today entered into agreement for the sale of and sold the 7.2 MW operating wind farm Skogaby (the “Wind Farm”) to a fund managed by Allianz Global Investors (“AllianzGI”) for a consideration of SEK 110 million on a cash and debt free basis. An additional consideration may be payable to Arise based on future production improvement measures. In addition to the sale, Arise will operate the Wind Farm on behalf of AllianzGI under a 5-year asset management contract.
The transaction will contribute positively to earnings in 2015 by approx. SEK 4.4 to 8.0 million depending on the outcome of the additional consideration and strengthen Arise’s cash position by at least approx. SEK 43 million including the release of project financing reserve accounts. Furthermore, approx. SEK 72 million of project financing debt, including the cancellation of an interest rate swap, has been repaid as part of the transaction.
Halmstad 9 September, 2015
ARISE AB (publ)
For further information, please contact
Linus Hägg, CFO Arise AB, +46 702 448 916
Leif Jansson, Director Investor Relations Arise AB, +46 707 340 554
The information contained herein constitutes information which Arise AB is legally required to publish under the Swedish Securities Market Act (2007:528) and/or the Swedish Financial Instruments Trading Act (1991:980). The information was released for publication at 1:15 pm CET on 9 September 2015.
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 OMX Stockholm.
Arise AB (publ), P.O. Box 808, SE-301 18 Halmstad, Sweden, telephone 46 (0)35 20 20 900, corporate id .no. 556274-6726