Renewables operator Valorem and Octopus Energy Investments have entered into a joint venture to build and operate 71MW of wind capacity in Finland comprising two wind farms.
The projects, Saunamaa and Suolakangas, are situated in the southwest of the country and represent a combined investment of €80m. Valorem developed them with local partner Megatuuli.
Construction will start immediately, and the wind farms are expected to enter commercial operation by late 2020.
Valorem will hold a minority stake and will manage construction and operation of both wind farms through its subsidiaries Varea, Valemo as well as Megatuuli.
Together the projects will comprise 17 Vestas V150 4.2MW turbines with tip heights of up to 230 metres.
Valorem founder Jean-Yves Grandidier said: “We have been able to take advantage of a site with very good characteristics which will allow us to sell electricity directly to the market.
“However, from a long-term point of view a price mechanism will be necessary for the successful development of wind power and the accomplishment of EU objectives. “
In the Nordics Valorem has a portfolio of 700MW of assets under development with Megatuuli.
For UK-based Octopus, the wind farms mark the company’s first Nordic transaction and first unsubsidised onshore wind investment as well as Valorem’s first investment and wind construction project in Finland.
Octopus, which has £7.7bn of funds under management, provides flexible funding opportunities to support the development, construction and long-term management of renewable energy assets.
Octopus Energy Investments co-head Alex Brierley said: “We continue our rapid growth within renewable energy and are pleased to enter the Nordic market via this partnership with Valorem.”