London-based investment management firm Downing said its renewable energy and infrastructure arm is acquiring an onshore wind farm in Finland.
Downing said Bagnall Energy has agreed to acquire the 30MW Konttisuo wind farm project located near Soini in the region of Southern Ostrobothnia.
The project, which is being developed by Energiequelle, is scheduled to be completed in the second quarter of this year. Energiequelle will also provide long-term technical and commercial management services to the plant.
Onshore wind turbine systems manufacturer Nordex supplied the seven N149 turbines and is contracted to provide long-term maintenance services to the project for 25 years.
The acquisition represents Downing’s first investment in Finland and Bagnall’s second technology in the Nordic region.
Tom Williams, the head of energy and infrastructure at Downing, said: “We are delighted to be expanding our portfolio into Finland, which is accelerating its growth plans for renewable energy. Projects like the Konttisuo wind farm are key to delivering decarbonisation and increasing energy security.”
Williams added that Downing’s pipeline of potential acquisitions is “looking very healthy and we look forward to adding further attractive opportunities” to the portfolio in due course.
Nils Borstelmann, managing director of Energiequelle, said: “We are extremely pleased to have found in Downing an investor for our Konttisuo wind farm, for whom, like for Energiequelle, a reliable renewable energy supply is central to the company’s goals.
”The good cooperation between Downing and Energiequelle has brought both companies another step closer to this goal.”
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet