The portfolio is expected to produce about 590GWh of energy every year
The portfolio will produce enough power for the consumption of approximately 118, 000 households. (Credit: Ed White from Pixabay)
Renewable Power Capital (RPC) has committed to acquire a 100% ownership stake in a 171MW portfolio of Nordic onshore wind projects from OX2.
The wind projects will be bought by the company in a transaction valued at €245m.
RPC is a renewable energy investment platform backed by Canada Pension Plan Investment Board (CPP Investments).
Launched in December 2020, the platform is intended to enable the energy transition through long-term investment strategy.
Two wind farms in the portfolio are ready-to-build projects
Two of the wind farms included in the transaction are ready-to-build projects. The projects are Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia.
With a capacity of 44MW, the Puutikankangas wind farm will feature 8 turbines. The Rustari wind farm also has a similar capacity of 44MW.
Upon planned commissioning of the all three wind farms in 2022, the portfolio is expected to generate close to 590GWh per year.
The generation capacity will be equivalent to the electricity consumption of approximately 118 000 households.
Renewable Power Capital CEO Bob Psaradellis said: “We are pleased to announce this acquisition as our debut investment in one of our target markets, with a best-in-class partner. The investment is a good example of our long-term investment strategy.
“Finland is an attractive market, given the strong wind resource, depth of Nord Pool, and ongoing corporate power purchase agreement activity.
“OX2 has an excellent track record developing high-quality, well-optimized wind projects that deliver a low levelized cost of energy and can compete without subsidies. We look forward to building on this in the years to come.”
Currently, OX2 is constructing four wind farms, with a total capacity of 235MW, in Finland.
In addition to Finland, the company has operations in Sweden, Norway, Poland, Lithuania and France.
In March last year, OX2 and Fontavis, a Swiss Asset Manager commenced operations on the 33MW Orrberget wind farm in Sweden.