Eolus signs a 330 MW power purchase agreement with Alcoa

Recently, Eolus announced the signing of a power purchase agreement
with Alcoa Norway ANS.
Alcoa will acquire all of the power from Norway's new 330-megawatt Oyfjellet wind farm, which is scheduled to come on stream
in 2021.

During the 15-year term of the power purchase agreement, Alcoa will purchase all electricity produced by the wind farm, which is expected to be 1.
2TWh
per year.
Alcoa will use the electricity to provide a production plant
in nearby Mosjoen for locally produced electricity.

The long-term nature of the PPA contract ensures that Eolus will be able to start building a wind farm in 2018 and that Eolus can provide investors with interesting investment opportunities in the Nordic market and guarantee a long-term PPA
.
By commissioning the wind farm in 2021, it will be eligible to obtain an electricity certificate
within the normal Norwegian and Swedish systems.

Per Witalisson, CEO of Eolus, said, "Oyfjellet is a prime location for wind power and we are excited to build a 330 MW wind farm and offer this PPA agreement with Alcoa to investors
.
The agreement once again demonstrates Eolus' ability to develop wind power projects and offers interesting investment opportunities
for the market.
”

Eolus' COO added, "We are very pleased that Alcoa chose to partner with Eolus and sign a PPA agreement that will provide locally produced electricity
to their production facility in Mosjøen.
Marcus Landelin said that in addition to Alcoa's job opportunities in Moscow, the wind farm will provide new business opportunities and employment
opportunities for the local community for many years.
”

As part of the transaction, Eolus has signed a power purchase guarantee agreement
with the Norwegian Export Credit Guarantee Agency.
It is understood that the guarantee amount is 256 million euros
.

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