Aquila Capital, a leading European manager of alternative investments, has signed an agreement with Nordic developer OX2 for the construction and asset transfer of the Korkeakangas wind farm with nine wind turbines in Karstula, Finland. The project is being constructed without government subsidies.

OX2 will be constructing the wind farm as part of an EPC contract. The farm is scheduled to be commissioned at the end of 2021. From then, OX2 will also be entrusted with responsibility for the technical and commercial management of the farm.

“The Finnish wind energy market continues to be a highly attractive investment destination for our international institutional investors looking to diversify their portfolios across markets and types of energy production,” says Susanne Wermter, Head Investment Management Energy & Infrastructure EMEA at Aquila Capital.

The wind farm will comprise nine Nordex wind turbines and is estimated to produce an average of about 140 GWh per year.

“We are delighted to continue our successful collaboration with Aquila and to establish our fifth wind power project together,” says Paul Stormoen, CEO of OX2.

OX2 is currently constructing more than 1 GW of wind power in the Nordic region, 211 MW of which is in Finland.

“There is currently very strong demand for wind power in Finland and also in Sweden, where we build without government support, only on market terms and cheaper than anywhere else in Europe,” concludes Paul Stormoen.