Aquila European Renewables Income Fund has entered into an exclusive agreement to acquire the operational 35MW Olhava 1&2 wind complex in Finland.
The London-listed investor expects later this year to complete the deal with Aalto Wind No 2 Ltd for the 25MW first phase and 10MW extension 50km north of the city of Oulu.
Eight Vestas V112 and three Vestas V126 turbines with capacities of between 3.1MW and 3.3MW feature at the sites.
Olhava 1 is eligible for Finnish feed-in tariff support until late 2024 while Olhava 2 is in line for payments until 2025.
Aquila said it expects to strike a power purchase deal for up to five years to “further hedge the market prices exposure”. The projects are eligible for guarantees of origin certificates.
The acquisition price totals 15.5% of the total proceeds of the fund’s recent initial public offering.
Chairman Ian Nolan said: “The Board is pleased with the disciplined and continuous capital deployment towards a diversified portfolio of renewable energy assets. The investment is a strong expression of the Company’s pan-European investment strategy.”