Renewables power producer Clearvise has completed the sale of its two Finnish wind farms to Nuveen Infrastructure.
The purchase agreement of July 2023, subject to the approval of the project financing banks for the change of ownership, has now been executed.
The sale of the complete Finnish portfolio, consisting of the two wind farms Haapajärvi 1 (6.6MW) and Haapajärvi 2 (23.1MW), was a strategic decision.
Due to additions and electricity price volatility, the company considers the development of the Finnish market to be no longer in line with Clearvise’s investment strategy.
“We are very pleased that the members of our asset management team have already managed to achieve the conditions for the payment of contractually agreed earn-outs in such a short time through tough renegotiation of the leases.
“This is anything but a matter of course,” said Manuel Sieth, CFO of Clearvise.
“The good cooperation with Nuveen Infrastructure in obtaining bank approval for the change in shareholders has confirmed that we have found the right buyer and operator in Nuveen Infrastructure.”