The Taaleri SolarWind II fund has made its first investment with the acquisition of the 91MW Oltava wind farm in north-west Finland from an unnamed seller for an undisclosed price.
The project, which is located in the municipality of Pyhajoki, will comprise 19 Nordex 4.8MW turbines when it comes online in the first quarter of 2021.
Construction of Oltava is underway and the project is expected to produce about 290 gigawatt-hours of electricity each year.
Taaleri Energia’s engineering team will be responsible for managing the construction of the wind farm and monitoring its operations.
Nordex will be responsible for maintaining the turbines under a 25-year contract.
The balance of plant contractor is Eltel Networks, while the debt financing for the investment will be provided by Hamburg Commercial Bank.
Taaleri Energia managing director Kai Rintala said: “We are very satisfied with our first investment from Taaleri SolarWind II fund.
“It is a fully commercial, subsidy free Finnish wind farm that meets the investment criteria and demonstrates the value of our in-house project development, construction, technical and commercial management capabilities.”
The fund completed its first close last week, with commitments totalling €220m from investors including European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and Taaleri.