Fred. Olsen Renewables enters agreement to sell 51% stake in Global Wind Power France APS

Fred. Olsen Renewables AS (FORAS), a unit of Norwegian group Bonheur ASA, has entered into an agreement with an unnamed French industrial company for the sale of a 51% stake in the Global Wind Power France APS (GWP).

The sale is part of a transaction where the buyer acquires 100% of the shares in GWP from FORAS and the other shareholder, Global Wind Power Europe ApS (GWPE). The transaction, including repayment of shareholder loans, is expected to give net cash proceeds to FORAS in the first quarter of 2020 of approximately EUR46 million (US$51 million).

GWP is a developer which identifies and secures sites suitable for onshore wind projects in France, develops them through to consent and then sells to third parties prior to construction.