Prime Capital, the independent asset manager managing just under €18bn across multiple funds, has announced the disposal of three Finnish wind parks.
The portfolio, which consists of 11 Vestas turbines, totalling 36.2MW, was acquired by two unnamed institutional Luxembourg funds, advised by a German asset management company.
Spread across Finland, it provides diversified wind exposure to the investors and benefits from excellent wind resources well above seven metres a second.
The projects have been operating for an average of fours years and have another eight years remaining under Finland’s contracts-for-difference regime.
They were part of an account managed on behalf of a German pension fund, focusing on wind and hydro assets in the Nordics.
Prime Capital head of infrastructure Mathias Bimberg said: “We are happy to have achieved a very attractive return for our investor on this divestment, due to several optimizations in the portfolio, and see the proceeds reinvested in our value-add strategy, through the Prime Green Energy Infrastructure Fund.
“Focus of this fund is on large-scale greenfield renewable projects in the Nordics, offering the lowest levelized cost of energy in Europe with no reliance on government support.”
“We are working on some interesting opportunities in our Infrastructure business at the moment, including in Finland for 2021.”
Sales advisor was expert infrastructure and energy M&A advisor Newsec Infra, while on the legal side Prime Capital was advised by Finnish law firm Krogerus.
PWC Germany provided structuring support.