HASSLEHOLM, Sweden, Jan. 22, 2014 (GLOBE NEWSWIRE) -- Eolus Vind AB and Google have signed a ten year agreement in which Google will buy all electricity generated by 29 wind turbines that Eolus establishes in four wind farms in southern Sweden.
The Power Purchase Agreement (PPA), means that Google during ten years starting in early 2015 will buy all renewable electricity produced by the 29 turbines of the models Vestas V90, V100 and V112. Along with the wind turbine supply agreement, Eolus and Vestas have signed a ten-year full service agreement. Eolus will after commissioning operate and manage the facilities. Total installed capacity is 59 MW.
Eolus financial strength is an important component of the deal since the contract is signed directly with Google as the buyer of the electricity. The long-term contract ensures that Eolus can offer investors an interesting investment opportunity in the Swedish market.
-Our agreement with Google is a further endorsement of the potential of wind power in the Nordic countries said Hans-Christian Schulze, deputy CEO of Eolus. -We're looking forward to building our new wind farms over the year and helping Google stay ahead of its commitment to carbon neutrality.
The four wind farms are Skalleberg in Hjo municipality, Mungserod in Tanum municipality, Ramsnas in Laxa municipality and Alered in Falkenberg municipality. By bundling wind farms in different locations together into one deal, risk diversification and greater production reliability over time can be achieved.
-We're always looking for ways to increase the amount of renewable energy we use said Francois Sterin, Director of Global Infrastructure at Google. -Long term power purchase agreements enable wind farm developers to add new generation capacity to the grid - which is good for the environment - but they also make great financial sense for companies like Google.
About Google Inc:
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information, visit www.google.com/about.html
For further information contact:
Per Witalisson, CEO, +46 10 199 88 02
Hans-Christian Schulze, deputy CEO, +46 10 199 88 05
Johan Hammarqvist, head of communications, +46 10 199 88 10
Eolus Vind AB is one of the leading wind power developers in Sweden. Eolus is active in the whole value chain from development of green field projects to establishment and operation of wind farms. Eolus offers attractive and competitive investments in the Nordic and Baltic countries to both local and international investors. Founded in 1990, Eolus has established over 420 wind turbines of the approximately 2 600 wind turbines operating in Sweden. The Eolus Group currently owns and operates 47 wind turbines with an installed capacity of 64 MW and a yearly electricity production of 158 GWh. Eolus Vind AB has approximately 3 000 shareholders. Eolus shares are listed at NASDAQ OMX First North in Stockholm with Erik Penser Bankaktiebolag as certified adviser.
For more information about Eolus, please visit www.eolusvind.com
Source:Eolus Vind AB