K2M was selected by Nord/LB to act as Lenders Technical Adviser for the 87MW Pajuperänkangas wind farm in Finland that will be operational in 2024.
K2M is providing technical expertise and oversight on the development of the project in the Northern Ostrobothnia province.
With a planned capacity of 86.8MW, it will comprise 14 wind turbines manufactured by Vestas.
ABO Wind, the developer of the Pajuperänkangas wind farm, secured a debt package from Nord/LB to finance the construction and operation of the project, reaching financial close in September 2022, with K2M engaged as the LTA during the financing process.
K2M has provided technical expertise and oversight to ensure the successful development of the site, providing a key issues list, outlining significant matters requiring attention, and delivering a comprehensive due diligence report.
K2M is now involved in construction monitoring: overseeing and inspecting the site, equipment, and processes to ensure compliance with project specifications.
This will continue until the wind farm becomes operational, at which point there will be an opportunity to engage further with operations monitoring.
Nord/LB global head structured finance Heiko Ludwig said: “The Pajuperänkangas project contributes to the steady growth of the wind market in Finland, whose neighbours are part of the group of countries at the forefront of Europe’s renewable energy transition.
“Having financed numerous wind farms in Finland, we are dedicated in continuing this momentum and delivering clean energy to the region.
“K2 Management’s proven track record of successfully delivering projects of this scale and beyond means that we trust in their expertise and their ability to deliver.”