Aquila Capital is expanding its portfolio in the Nordics with the acquisition of its first project in Finland, a wind farm with an installed capacity of 14.4 MW on the coast near Kokkola.
The Windpark Ykspihlaja includes four Nordex N131/3600 turbines and is in one of Finland’s most favorable locations with an average wind speed of 7.7 meters/second. This will generate a capacity factor of 43%, which is above average for wind projects.
Ykspihlaja is the third project that Aquila Capital has acquired on a turnkey basis with OX2, one of the largest wind developers in Scandinavia. As a seller and general contractor, OX2 is responsible for completing the park by the beginning of 2018 and the ongoing technical on-site management.
Susanne Wermter, Head of Special Infrastructure Investments at Aquila Capital, said: “This transaction represents the realization of another project from our Scandinavian pipeline and our first in the popular Finnish wind market. The Ykspihlaja wind farm is one of the last projects to benefit from the expiring Finnish green energy support scheme, from which it will receive a state-guaranteed, fixed-market premium on the electricity price in the first 12 years of operation.”
Paul Stormoen, CEO for OX2 Wind, adds: “We are pleased with our excellent cooperation with Aquila Capital and that we are able to announce our third deal together in just a few months."
Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital, said: “Due to the high demand for renewable energy infrastructure, a deal pipeline of attractive target investments is a decisive success factor for investment managers. The long-standing cooperation with leading market participants such as OX2 is therefore of great importance for the sustainable positioning of Aquila Capital in the Nordics.”
The acquisition increases Aquila Capital’s track record in the wind sector to about 1,000 MW. With regards to the Nordics, Aquila Capital has implemented renewable energy projects with a total installed capacity of more than 800 MW since 2011.