Arise Windpower Partners Platina Partner to Buy Jädraås Vindkraft

Arise Windpower, has declared its decision to buy Jädraås Vindkraft (“JVAB”) the project company in association with Platina Partner.

Presently, JVAB has the required permission to install 116 wind turbines at Jädraås west of Gävle. Necessary investment decisions have been taken to erect 43 wind turbines initially to generate around 130 MW of power. For the Jädraås project both the companies have invested SEK 3.1 billion, which includes the takeover outlay and the installation of 66 Vestas V112 turbines.

In consideration of the sales, JVAB will receive SEK 250 million, which includes its spending in developing the project. Arise will pay for its share of acquisition in the form of cash as well as by allocating 2,500,000 shares to OPP at 5% discounted price intone with the prevailing market price, which includes 925,500 treasury shares presently held by Arise and 1,574,500 new shares. The new shares will be given in the form of private placement as per the shareholders resolution made in the general meeting held on 27^th April 2011.

Arise and Platina are planning to launch the wind farm through a company by investing equal amount of shares. Arise will hold 50% shares in the 200 MW wind power generation facility, which is financed through bank and equity funding. The companies have postponed the decision of installing additional 23 turbines to generate 70 MW power and anticipates to commence it in the winter of 2011/12. The project when completed and fully functional in spring of 2013 will represent one of the biggest onshore wind power generation facilities of Northern Europe and generate 570 GWh of clean power every year.