Octopus Renewables Infrastructure Trust has exercised a call option announced in October and completed the acquisition of two onshore wind farms in Finland for €140m.
The Saunamaa and Suolakangas projects have a combined capacity of 71.4MW and are in the final stages of commissioning.
The acquisition agreement passes the residual construction cost and timing risks associated with commissioning to the vendor, Octopus said.
The sites are expected to generate sufficient electricity to power over 45,000 Finnish homes, avoiding the equivalent of 68,000 tonnes of carbon dioxide emissions a year.
The duo were acquired from an entity for which the company’s investment manager, Octopus Renewables, provides asset management services.
Octopus Renewables Infrastructure Trust chairman Phil Austin said: “We are pleased to complete this transaction in Finland, acquiring two onshore wind farms, Saunamaa and Suolakangas, expanding our reach into an exciting new European territory.
“It is especially attractive due to the near term completion of the assets, and the further geographic diversification the acquisition brings to our portfolio.”