A renewable energy investment platform backed by Canada Pension Plan Investment Board is to acquire 171MW of wind projects in Finland from OX2.
The three projects are being purchased by Renewable Power Capital, as its first investment, in a deal valued at €245m.
OX2 is constructing the three wind farms under a tailored EPC contract and will, once commissioned, be responsible for the technical and commercial management of the wind farms.
Two of the wind farms, Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia, in Finland, are ready-to-build.
All three wind farms will be commissioned in 2022.
Renewable Power Capital CEO Bob Psaradellis said: “We are pleased to announce this acquisition as our debut investment in one of our target markets, with a best-in-class partner.
“The investment is a good example of our long-term investment strategy.
“Finland is an attractive market, given the strong wind resource, depth of Nord Pool, and ongoing corporate power purchase agreement activity.
“OX2 has an excellent track record developing high-quality, well-optimised wind projects that deliver a low levelised cost of energy and can compete without subsidies. We look forward to building on this in the years to come.”
OX2 transaction manager Klara Wennstrom said: “In recent months we have established a good working relationship with RPC and are happy to have been able to complete this transaction.
“We are now looking forward to our continued collaboration and the construction of the projects.”
OX2 is constructing four wind farms in Finland, totalling 235MW.