CPC Finland and Helsinki municipal energy company Helen have entered into a 40:60 joint venture to build, own and operate the 86MW Lakiakangas 3 wind farm in the west of the country.
Construction is underway and the wind farm is scheduled to be commissioned during the last quarter of 2021.
Lakiakangas 3 will comprise 20 Vestas V150-4.3MW turbines and is located in the municipalities of Kristiinankaupunki and Isojoki.
Non-recourse project financing for the project is provided by OP Corporate Bank.
The JV will also build and operate about 31km of overhead power line from Fingrid’s Kristiinankaupunki substation to the Mansikkamaki and Tupaneva substations.
The 110kV overhead power line is currently under construction and will be commissioned in August next year.
CPC Finland managing director Erik Trast said: “We are very happy to have Helen as our partner in operating the Lakiakangas 3 wind farm.
“This is our third and so far biggest wind farm construction in Finland.
“The joint venture is a real win-win set-up with compensatory strengths for long term success.
“OP Corporate Bank’s precise yet pragmatic approach during the financing process was also exemplary for the project success.”
Helen director Harri Mattila said: “The Lakiakangas 3 wind farm is a significant investment, and it supports Helen’s target of carbon-neutral energy production in 2035.
“Our business customers are extremely interested in the new way of acquiring wind power from a designated wind park.
“This way Helen will make the possibilities of a new energy era even more widely accessible to everyone.
“By combining forces with CPC, we are taking another major step towards a carbon-neutral future.”
OP Corporate Bank head of corporate lending and capital market financing Laura Hakamies said: “The Lakiakangas 3 wind farm is an important sustainable investment in the Finnish energy market underlining OP’s commitment to green financing.
“It was a great pleasure working with an experienced international project developer CPC and a leading Finnish municipal utility company Helen.”