Arise AB, has entered into a non-binding agreement to sell the construction ready Brotorp wind farm in Sweden to a fund managed by BlackRock (“BlackRock”), the world’s largest asset manager. The agreement will comprise 46.2 MW, as well as construction and asset management of the same by Arise on behalf of BlackRock. Arise expects a development profit as well as reoccurring service revenue streams from the project in the years to come. The transaction is subject to among other confirmatory due diligence and debt financing. Due diligence and debt financing is expected to be completed during Q4 2014 and construction start is estimated to occur immediately thereafter.
The agreement is in line with the company’s strategy to, in addition to owning wind farms, realise development profits and expand its business within construction and asset management services. The agreement is further evidence of Arise’s strong organisation and capability to develop and build premium wind farms and manage the same on a day to day basis on behalf of investors.
“We are very pleased to have entered into this agreement with BlackRock. It demonstrates the value creation that investments in our organisation and in our pipeline can bring. We further expect this to be the beginning a successful long term relationship with BlackRock”, says Peter Nygren, CEO of Arise.
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