NTR has completed the acquisition of an 87MW Finnish wind farm, from ABO Wind, on behalf of the L&G NTR Clean Power (Europe) Fund.
Situated in the municipality of Haapajärvi in Finland’s Northern Ostrobothnia province, Pajuperänkangas has been in construction since 2022 and is scheduled to achieve commercial operations in the coming months.
Purchase power agreements (PPA) are in place with Grundfos and Statkraft.
Financed by NORD/LB, one of the leading German commercial banks, this latest acquisition through the L&G NTR Clean Power (Europe) Fund will feature 14 V162 wind turbines manufactured by Vestas Wind Systems with a tip height of 250 metres.
The asset is the Fund’s first wind farm investment located in Finland, although NTR has been active in the country since 2019.
The project diversifies the portfolio geographically, further supporting the fund’s drive behind Europe’s transition to clean energy.
The Luxembourg-based fund invests in clean power infrastructure assets across wind, solar and energy storage, putting private capital to work to drive Europe’s decarbonisation and energy security agenda.
It is classified as an Article 9 fund under the European Union’s Sustainable Finance Disclosure Regulation.
Under NTR guidance, ABO Wind will continue to be involved in the project, playing an asset management role for the next 10 years.
Anthony Doherty, Chief Investment Officer, NTR, said: “With Commercial Operations Date due in the coming months, the team has worked hard to ensure the timely delivery of this project enabling significant contributions to the country’s clean energy transition as well as the potential to provide almost immediate returns to investors.
“Following the addition of three solar projects in Spain and a wind project in France earlier this year, we are continuing to hit significant milestones for the Fund as we work closely with LGIM to deliver new clean energy projects across Europe.”
Susanne von Mutius, Managing Director, Project Finance and Sales ABO Wind, said: “We are delighted to complete the sale of Pajuperänkangas to NTR and to be partnering alongside them, working hard to support Europe’s transition to clean energy.”
DLA Piper acted on behalf of the Fund as legal advisor, with K2 Management providing technical advice.