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Eolus acquires two wind power projects in the United States

HASSLEHOLM, Sweden, Dec. 21, 2015 (GLOBE NEWSWIRE) -- 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.

For further information contact:
Per Witalisson, CEO, +46 10 199 88 02
Johan Hammarqvist, head of communications, +46 10 199 88 10

Eolus Vind AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on December 21st 2015 at 5 PM CET.

About Eolus:
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 construction 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 constructed 477 wind turbines of the approximately 3 100 wind turbines operating in Sweden. The Eolus Group currently owns 54 MW of wind power with yearly production of 133 GWh renewable electricity. Eolus asset management services covers about 300 MW in total.

Eolus Vind AB has approximately 4 100 shareholders. Eolus shares are listed at NASDAQ Stockholm.

For more information about Eolus, please visit www.eolusvind.com

Source:Eolus Vind AB