Arise AB: Arise and Fortum Agree to Investigate a Possible Sale of the Kölvallen Wind Project
Arise AB group has signed a letter of intent (“LOI”) with Fortum Sverige AB (“Fortum”) regarding a possible sale of the more than 200 MW Kölvallen wind farm currently in final development (the “Project”).
The LOI targets a sale of the Project to Fortum during the second quarter of 2017. However, such a sale will be subject to among other a successful final development of the Project, including that the Project obtains necessary legal force permits, as well as due diligence and an investment decision by Fortum. The timeline represents a delay from what has previously been communicated by Arise regarding Kölvallen. This is due to longer than expected permitting processes which are still pending.