Greencoat Renewables has agreed to acquire a 43MW wind farm in Finland marking its first transaction in the region.
The agreement is for the acquisition of the 43.2MW Kokkoneva wind farm from Abo wind for €60m.
Kokkoneva is under construction in Siikalatva and commercial operations are expected to start in the second quarter of 2022.
The transaction is structured under a forward sale model and will only complete once Kokkoneva is fully operational.
The agreement is in line with Greencoat Renewables’ European expansion strategy and follows the acquisition of a portfolio of three French wind farms in summer 2020.
The Finnish wind market is well-established and characterised by high wind speeds, large capacity turbines, and a correspondingly low cost of electricity generation, said Greencoat Renewables.
Kokkoneva is a subsidy-free wind farm and has entered a 10-year fixed-price corporate PPA with Gasum, Finland’s state-owned gas utility for the majority of the electricity generated.
The wind farm will use nine Nordex N149 4.8MW turbines and has a 15-year operations and maintenance contract with Nordex.
Abo wind will finance and manage the construction of the wind farm and will continue to provide operational management services for the wind farm once operational.