Finland-based fund Taaleri SolarWind 2 has invested in a 34MW wind farm in Norway, acquiring complete ownership of the project.
The Haram wind farm, which will comprise eight 4.2MW Vestas turbines, is expected to reach full operations in the first quarter of 2021.
The project, located in the county of More og Romsdal, in western Norway, will enter construction shortly.
Zephyr developed the project and will continue as the construction management consultant and as the technical and commercial management provider during the operational phase.
The technical team of Helsinki-based fund manager Taaleri Energia will be responsible for data monitoring and analytics of the wind farm’s production and Vestas will be responsible for maintaining the turbines under a 27-year contract.
Taaleri Energia managing director Kai Rintala said: “This investment in Norwegian wind is underpinned by the availability of commercial offtake contracts in one of the world’s most liquid power markets.
“It also demonstrates the value of our developer network and in-house technical expertise, as well as the strength of our deal pipeline and our ability to efficiently deploy the fund’s committed capital.”
The SolarWind 2 fund invests in utility-scale wind and solar assets and will finance approximately 850MW of renewable energy capacity.
The fund’s first close investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, Taaleri, the Taaleri Energia team and a wide range of pension funds, foundations, endowments and family offices.