(Alliance News) - Aquila European Renewables PLC said on Monday it completed a takeover of The Rock project under its turbine supply agreement.
The London-based investment fund said it was an important milestone for the project, which is a 400 megawatt wind farm located in northern Norway.
All turbines have passed the test run procedure and the independent engineer has signed the taking over certificates for all 72 turbines according to the TSA, enabling formal takeover to occur.
The takeover will now allow The Rock to formally transition to operations, with 95% of all turbines now in operation on average.
Aquila European acquired a 13.7% interest in the project in June 2020. It is currently supplying electricity to Alcoa Norway ANS's aluminium smelter in Mosjoen, which is a key contributor to employment and growth in the area.
It is expected to have an operating life of 30 years and provide 1,294 gigawatt hours of renewable electricity per year, representing approximately 385 kilotons of annual carbon dioxide equivalent avoidance.
Shares in Aquila were down 1.2% to 85.50 pence in London on Friday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Aquila Euro. (AERS)
Aquila Euro. (AERI)