Infrastructure equity investment company Infracapital has reached an agreement to acquire two pre-construction Finnish wind projects from OX2.
The Kropuln and Storbacken wind farms will have a total of 14 turbines and a combined annual output of 206 gigawatt-hours.
The projects’ construction will begin in autumn 2019 with commercial operations anticipated to start in the fourth quarter of 2021.
OX2 will continue to act as the project asset manager throughout construction and operations under a bespoke engineering, procurement and construction contract.
The acquisition of Kropuln and Storbacken is Infracapital’s second investment in Finland, and the first project for Infracapital Greenfield Partners Fund 1 (IGP 1) in the Nordics.
The strategy of IGP 1 is to build, deliver and operate greenfield infrastructure in Europe.
OX2 has developed more than 1800MW of wind power and is, at present, building 15 wind farms with a total of capacity of 973MW in the Nordic region, of which around 190MW is in Finland.
In Finland, renewable energy sources represent approximately 40% of energy end-consumption, while the government’s National Energy and Climate Strategy to 2030 aims to raise renewables output to meet over half of the country’s energy consumption.
The Infracapital investment team was advised by SEB Corporate Finance and Dittmar & Indrenius Attorneys.
OX2 chief executive Paul Stormoen said: “We are very pleased to have established a good working relationship with Infracapital and are looking forward to our continued collaboration.
“With this contract included, we are now building six wind farms without subsidies in Finland, which shows that wind power will play a leading role in the transition to sustainable energy.”