Allianz Capital Partners has entered the Finnish renewable energy market.

The company agreed to buy six wind turbines from OX2 for an undisclosed amount. 

The deal is expected to close by the end of this month.

The wind park scheme at Jouttikallio, 80km from Vaasa, has a capacity of 21 megawatts, which satisfies electricity demand for 12,600 households.

David Jones, head of renewables at Allianz Capital Partners, said: “Entering the Finnish market is another important milestone this year for us.

“Finland is a promising European wind market, and it will help us to increase and further diversify our renewables portfolio.”

The project has been granted permits for construction and is expected to be commissioned and delivered by the end of this year.

OX2 will continue to be responsible for the commercial and technical management of the wind farm.

Allianz Capital Partners has invested €2.5bn in Europe’s renewable energy sector, in 55 wind farms and seven solar parks.

The portfolio generates sufficient renewable energy to supply 800,000 households.

Allianz’s current renewable energy portfolio is located in France, Germany, Italy, Sweden and Austria.