Greencoat Renewables is buying the Kokkoneva wind farm in Finland for €60m from Abo Wind in a forward sale deal.
The renewable energy infrastructure investor has agreed its first transaction in the Nordic market in a deal to buy the 43.2MW windfarm project in Siikalatva expected to commence commercial operations in the second quarter of next year.
Kokkoneva is a subsidy-free wind farm and has entered a 10-year fixed-price corporate power purchase agreement (PPA) with Finnish state-owned gas company Gasum.
Paul O’Donnell, partner at Greencoat Capital, the investment manager, said: “The combination of low-cost renewable energy, and a well-developed corporate PPA market make the Nordics a very attractive target for renewable energy investment.
“We’re delighted to secure such a high-quality asset from Abo Wind, and have sight of further value-accretive opportunities in Finland and the rest of the Nordic region.
“As the renewable generation market continues to develop, we expect to see greater opportunity in forward-sale and corporate PPA models and believe Greencoat Renewables is well-positioned to benefit both in Europe and in Ireland.”
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