Tesla is a 150MW operating onshore wind farm located in southern Norway. Credit: Leonid Sorokin / Shutterstock.

Aquila European Renewables has signed an agreement to sell its 25.9% stake in the Tesla wind farm in Norway to Sunnhordland Kraftlag (SKL) for €27.1m ($30.1m).

Tesla, an operational 150MW onshore wind farm in southern Norway, was acquired by Aquila European Renewables in 2019.

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SKL is a seasoned Norwegian energy company specialising in developing and operating hydropower plants, with an annual production of 2,700 gigawatt hours.

The sale price reflects a 10.8% premium over Aquila’s fair value of the asset as at 30 June 2024.

The proceeds from the sale will primarily be utilised to repay the company’s revolving credit facility, which currently stands at €26.1m.

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The transaction is pending regulatory and governmental approvals, with the finalisation of the sale anticipated by October 2024.

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Aquila European Renewables chairman Ian Nolan stated: “The sale is a further sign of the board’s ongoing commitment to secure greater appreciation of the value inherent in the portfolio.

“The board continues to explore a range of initiatives to help address the issues facing the listed renewable energy sector and secure recognition in the company’s share price of the underlying value of the company’s portfolio.

“Whilst it is pleasing to note the level of interest in this particular asset, and the uplift in valuation that is expected to be achieved, it is clear that different technologies in differing geographies display very variable levels of liquidity and pricing visibility. The board continues to assess these issues and others as part of its ongoing considerations and looks forward to updating the market further in due course.”

This deal comes shortly after Norway’s government signed a contract for difference with Ventyr Energi for the development of the country’s first commercial offshore wind farm.