Investor Glennmont Partners has entered the Nordic market with the acquisition of the ready to build 211MW Piiparinmaki wind farm in Finland from Ilmatar Energy.
Construction of the unsubsidised project, which will feature 28 5.6MW and 4.2MW Vestas EnVentus turbines, will start in October.
A power purchase agreement with Google for a “significant portion” of output has already been agreed.
Ilmatar, a joint venture between Omnes-managed Capenergie 3 and Ilmatar Windpower, will stay on the provide technical and commercial management services once the wind farm is operational.
DekaBank Deutsche Girozentrale will provide the senior debt package as sole underwriter and Eversheds acted as legal advisor for Glennmont with Krogerus for Ilmatar. Augusta & Co acted as the sole financial advisor for Ilmatar.
The value of the acquisition was not disclosed.
Once operational, Piiparinmäki will be the largest wind farm in Finland and one of the largest unsubsidised wind farms in Europe, said Glennmont.
Chief financial officer Francesco Cacciabue said: “We are delighted for the purchase of the Piiparinmäki wind farm in Finland, the largest onshore wind investment from Glennmont Clean Energy Fund 3 to date.
“Onshore wind represents a key strategic market for Glennmont and we expect our presence in this type of clean power generation to increase over the coming years. The investment in our first Finnish renewable energy project further underlines our experienced team’s ability at identifying and adding value for investors from assets across different areas of Europe.”