The company has also signed an agreement to sell the project to a fund managed by BlackRock, a New York based asset manager.
Arise has sourced an investor and executed the final development, design and procurement of the project. It believes that the sale will have positive impact of about SEK97m on its earnings in the financial years 2017 to 2019.
Arise will deal with the construction of the project, and under a construction and asset management agreement, the firm will manage the project, on behalf of BlackRock, once it is operational.
The total cost of the project is estimated to be EUR130m, which will be fully funded by BlackRock.
Vestas will provide 32 Vestas V136, 3.6 MW turbines for the wind farm.
Construction of the project is scheduled to begin in August, with commissioning of the wind farm expected to take place early 2019.
Arise CEO Daniel Johansson said: “We are delighted to partner with BlackRock and realise the Svartnäs project. This is a transaction fully in line with our strategy to create value from development, construction and asset management services.
“We take pride in the fact that BlackRock once again has chosen to work with us. We look forward to exploit more opportunities with BlackRock in the future and are very happy to construct and manage assets on their behalf in Sweden and Norway.”
BlackRock managing director and head of renewable power for Europe Rory O’Connor said: “We are very pleased to invest in the Svartnäs wind project on behalf of our clients, in partnership with Arise. We view the Swedish renewables market, and the Nordic region more widely, as an attractive market for wind projects.
“This transaction demonstrates BlackRock’s continued focus on renewable power investments, where the firm now has over $4.0bn of equity assets under management, and has invested in over 100 wind and solar projects globally.”
