London-listed Aquila European Renewables Income Fund is to go ahead with the acquisition of the over 34MW Olhava 1&2 wind farm in Finland.
Under the terms of the deal, Aquila will buy Aalto Wind No 2 Ltd which owns the 34.55MW project located 50km north of the city of Oulu.
In August, the fund entered secured the exclusive right to acquire the wind farm and will now go forward with the purchase.
The project comprises eight Vestas V112 and three V126 turbines with capacities between 3.1 and 3.3MW.
Olhava 1 is eligible for Finnish feed-in tariff support until late 2024, with the 9.9MW Olhava 2 in line for payments until September 2025.
Aquila said it intends to conclude power purchase agreements as soon as market conditions and hedging solutions are feasible and considered as attractive from a risk-adjusted point of view.
Aquila chairman Ian Nolan said: “The board is pleased to see that the strategically important acquisition of Olhava has now been completed.”