Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTGE tie-up offloads 88-MW Finnish wind project to Foresight
GE wind turbine. Source: General Electric. All rights reserved.
May 27 (Renewables Now) - GE Renewable Energy on Wednesday announced the sale of the 88-MW ready-to-build Puskakorpi wind project in Finland and a turbine supply order for its Cypress platform turbines.
The new project owner is Foresight Energy Infrastructure Partners, a Luxembourg-based company that has Foresight Group LLC as its portfolio manager. This is the buyer's first onshore wind investment in Finland.
The General Electric (NYSE:GE) subsidiary co-developed the scheme with Smart Windpower Oy and Mincovest Oy. GE Energy Financial Services supported the process of raising project debt and finding an investor to acquire the scheme. Long-term project financing was extended by Societe Generale. A corporate power purchase agreement (PPA) with an unnamed technology provider has been secured, as well, GE added.
GE Renewable Energy will deliver 16 of its 5.5 MW-158 turbines for the project and take care of their operations under a 30-year full services agreement. Turbine installation is slated to begin early next year.
Installed in the municipality of Pyhajoki, Northern Ostrobothnia region, the Puskakorpi wind park will be capable of producing enough electricity for 55,000 homes when it goes live in late 2022.
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