Eolus North America Inc. said Dec. 31 that it has signed an agreement to acquire a 60% membership interest in Wind Wall Development LLC from ZCF Wind Wall LLC.
Eolus North America said it has also placed an order with Vestas for wind turbine components sufficient to secure the ability to capture the full value of the federal production tax credit (PTC) for the first 40 MW of its project pipeline.
Eolus North America, a wholly owned subsidiary of Eolus Vind AB (publ) Sweden, has joined forces with ZCF Wind Wall in a joint venture to develop and construct a wind farm near Tehachapi, California. The joint venture will leverage the ZCF team’s extensive experience in U.S. wind energy along with Eolus’ track record of success in the Nordic countries, to develop competitive wind energy projects in the western U.S.
Eolus North America has placed an order with Vestas for future clean wind energy projects in the United States. The order is part of a master supply agreement that builds on the 25-year long relationship Eolus has with Vestas.
“In just the past three months we have placed orders of over 100 MW with Vestas and this new order demonstrates our strong belief in the U.S. renewable energy market and the partnership we have with Vestas,” said Per Witalisson, CEO of Eolus Vind AB.
“The order secures our ability to capture the full value of the PTC leading to reduced electricity rates for American rate payers. It is also an important step into establishing Eolus in the market, providing added benefit to our current and future investor base that is trusting and collaborating with us,” said Hans-Christian Schulze, Eolus’ Country Manager in the U.S.
Closing of the purchase of the membership interest in Wind Wall Development is subject to the fulfillment of several conditions, expected to be met by the end of January 2017.
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 500 wind turbines of the approximately 3 300 wind turbines operating in Sweden.