By Dominic Chopping
STOCKHOLM--Swedish wind energy company Arise AB (AWP.SK) said
Wednesday its third quarter net loss widened and said weather
conditions have been unfavourable, leading to production in its own
wind farms being 10% under planned levels while production in
co-owned projects is 20% under.
The company added it has agreed to sell the 46.2 MW Brotorp wind
farm to BlackRock (BLK) for up to EUR6.7 million.
Arise has received EUR1.7 million and will receive a further
EUR5.0 million in additional consideration provided commissioning
of the project goes according to plan.
Arise expects that the sale will have a positive impact on
earnings of SEK9 million in 2014 and SEK37 million in 2015. Arise
will also receive asset management revenues under a 5-year contract
after the project has been commissioned.
The net loss widened to SEK29 million from a loss of SEK15
million on sales of SEK45 million, up from SEK41 million. The
operating loss was SEK6 million compared to a SEK1 million loss
last year.
At 1012 GMT shares traded 1.8% lower at SEK16.30.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
Access Investor Kit for Arise Windpower AB
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=SE0002095604
Access Investor Kit for BlackRock, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US09247X1019
Subscribe to WSJ: http://online.wsj.com?mod=djnwires