An investment fund run by a London-based investor group has agreed to buy two wind farms in northern Finland.
Impax Asset Management will purchase the pre-construction stage projects – with a total capacity of 75MW – from their co-developers, Finnish utility Fortum and state-owned land administrator Metsahallitus.
The Kuolavaara-Keulakkopää project will consist of 17 turbines with a total output of around 50MW whilst the Joukhaisselkä wind farm will include 8-10 turbines with an expected output of around 25MW.
The Impax New Energy Investors II fund bought the projects in the Lapland region to add to its existing portfolio of more than 200MW of wind projects in construction and operation in France, Poland and Germany as well as solar investments in Italy.
Daniel von Preyss, Managing Director at Impax said: “Given the early stage of the Finnish wind market, we see this portfolio as an excellent foundation asset for our wind investment programme in the region. This is a key market for Impax and we target follow on acquisitions as the market continues to grow.”
The fund, which closed in August 2011, has €330 million (£277.8m) under management for renewable energy investment. The sale is expected to be completed during the first quarter of 2014.
An investment fund focusing on large-scale solar projects has also recently agreed to buy a solar farm in Norfolk.