04/30/2018

Fred. Olsen Renewables - divestment of 49% of two wind farms

Fred. Olsen Renewables Limited (“FORL”), a wholly owned subsidiary of Fred. Olsen Renewables AS (“FORAS”) which is wholly owned by Bonheur ASA (“BON”), has entered into an agreement with funds managed by Aviva Investors Global Services Limited (“Aviva Investors”) whereupon Aviva Investors will acquire a significant indirect minority shareholding in the wind farm companies Crystal Rig III Limited (“CRIII”) and Brockloch Rig Windfarm Limited (“BRW”).

Aviva Investors will acquire a 49% shareholding in Fred. Olsen CBH Limited (“FOCBH”), a holding company owning CRIII and BRW as its only assets, for a total cash consideration of £ 117.3 million (the “Transaction”). Settlement date is expected on or about 30 April 2018. The remaining 51% shareholding is owned by Fred. Olsen CB Limited (“FOCB”), which is ultimately wholly owned by FORL. The total consideration for the Transaction implies an enterprise value for FOCBH of £ 239.4 million.

Separate to the Transaction, FOCB is considering entering into a secured facility agreement with banks of approximately £ 65 million (the “Financing”). Total proceeds to the BON group of companies from both the Transaction and the potential Financing will be approximately £ 182.3 million.

See the document enclosed for further information about the Transaction.