Eolus has through the recently started subsidiary Eolus North America Inc acquired two wind power projects under development in the state of Nevada.
The transaction means that Eolus will acquire 100 % of the shares in the US companies Crescent Peak Renewables LLC and Comstock Wind LLC for the sum of 50 000 USD.
Crescent Peak owns the rights to a wind power project of 200-600 MW under development in Clark County, Nevada, and Comstock owns the right to a wind power project of 20-100 MW under development in Storey, Washoe and Carson City County, Nevada. The transaction includes a profit sharing mechanism for the future sale of the projects.
In August Eolus decided to explore the possibilities to develop wind power projects in the Unites States, which is the world’s second largest market for wind power. Through these acquisitions the first step on to the US market have been taken by Eolus. The purpose of the acquisitions is to develop and optimize the projects and then sell them as ready to build projects
The deal means a diversification of Eolus’ project portfolio that gives us an opportunity to acquire and together with the sellers continue to develop two projects with high potential. The need for renewable energy is getting more and more attention in the US, both at federal and state level, where several states have increased their ambitions regarding renewables says Per Witalisson, CEO of Eolus.
Since the seller company indirectly to 65 % is controlled by Eolus former Deputy CEO Hans-Christian Schulze the deal has to be approved by Eolus Annual General Meeting to be held January 30, 2016.
The board's statement and proposed resolution will be published in the notice for the Annual General Meeting. A Fairness Opinion will be available on the Company's website no later than three weeks before the Annual General Meeting.