ABO reaches fin close on 87-MW Statkraft-contracted wind project in Finland

Pajuperankangas is ABO Wind's fourth wind farm in Haapajarvi. The picture shows tubrines erected in 2015 and 2017. Image by ABO Wind.

September 22 (Renewables Now) - German renewables developer ABO Wind AG (ETR:AB9) has achieved financial close on its 87-MW Pajuperankangas wind project in Finland, with the help of German lender Nord/LB.

The milestone was announced by the German commercial bank on Thursday. It has provided the developer with a project finance package consisting of several long-term facilities, a VAT facility and a debt service reserve facility. The total value of the extended debt was not available.

The Pajuperankangas wind farm will be located near the municipality of Haapajarvi in Finland’s Northern Ostrobothnia province. The plant is already being built and its 14 Vestas V162 turbines are expected to start feeding electricity into the grid by November 2023.

Pajuperankangas will be run through a 10-year power purchase agreement (PPA) with Norwegian energy generator Statkraft AS, which will also receive the rights to the Guarantees of Origins. The Norwegian firm will resell the output to Belgian chemical company Solvay SA (EBR:SOLB), to supply the latter’s hydrogen peroxide production site in Voikkaa, Finland, with 100% wind energy.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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