Aquila European Renewables has signed an agreement to sell its 25.9% stake in the 150MW Tesla wind farm in southern Norway to Sunnhordland Kraftlag (SKL) for €27.1 million ($30.1 million). SKL, a Norwegian energy company specializing in hydropower plants, will acquire the stake in the operational onshore wind farm, which Aquila European Renewables had acquired in 2019.
The sale price represents a 10.8% premium over Aquila’s fair value of the asset as of 30 June 2024. Proceeds from the sale will primarily be used to repay Aquila’s revolving credit facility, which currently stands at €26.1 million. The transaction is pending regulatory approvals and is expected to be finalized by October 2024.
This sale follows Norway’s recent contract for difference with Ventyr Energi for the country’s first commercial offshore wind farm.