Renewable infrastructure firm Greencoat Renewables has agreed to acquire the Kokkoneva wind farm in Finland for around €60m.
With a generating capacity of 43.2MW, the wind farm is currently under construction. It is located in Siikalatva and is expected to begin commercial operations in the second quarter of 2022.
Kokkoneva is a subsidy-free wind farm and has signed a 10-year fixed-price corporate power purchase agreement (PPA) with Finland’s state-owned gas utility Gasum for a major portion of the electricity produced.
The wind farm will feature nine Nordex N149 4.8MW turbines and will be supported by a 15-year operation and maintenance (O&M) contract with Nordex.
Abo wind will provide funding and oversee the construction of the wind farm. It will also offer operational management services for the wind farm upon the commencement of operations.
The transaction, which is structured under a forward sale model, is said to be completed upon the wind farm is fully operational.
Greencoat Capital partner and investment manager Paul O’Donnell said: The combination of low-cost renewable energy, and a well-developed Corporate PPA market make the Nordics a very attractive target for renewable energy investment.
“We’re delighted to secure such a high-quality asset from Abo wind, and have sight of further value-accretive opportunities in Finland and the rest of the Nordic region.
The deal is in line with the company’s European expansion strategy and follows the acquisition of a portfolio of three French wind farms in summer last year.
In March 2020, Greencoat Renewables agreed to acquire 51.9MW of operating wind capacity in France from UK-based infrastructure investor John Laing Group.
