Aquila European Renewables PLC on Thursday said it was selling its big stake in a wind farm.
The London-based investment company focused on renewable energy infrastructure said it has entered into a sale and purchase agreement with Sunnhordland Kraftlag AS to sell its near 26% interest in the wind farm Tesla for a consideration of €27.1 million. The sale is for an 11% premium to Aquila’s fair value of the wind farm as at June 30.
Tesla is a 150-megawatt operating onshore wind farm located in Southern Norway, which was acquired by the company in 2019.
The buyer, SKL, is a Norwegian energy company with a long history of developing and operating hydropower plants.
Chair Ian Nolan said: ‘Whilst it is pleasing to note the level of interest in this particular asset, and the uplift in valuation that is expected to be achieved, it is clear that different technologies in differing geographies display very variable levels of liquidity and pricing visibility. The board continues to assess these issues and others as part of its ongoing considerations and looks forward to updating the market further in due course.’
Aquila shares were up 3.3% at €0.70 each on late Thursday morning in London.
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