Glennmont buys shovel-ready Finnish wind project of 211.4 MW

Vestas wind turbines. Author: Siebe Schootstra.

October 1 (Renewables Now) - London-based fund manager Glennmont Partners on Monday said it has acquired a 211.4-MW wind project in Finland from Ilmatar Energy, marking its first investment in the Nordic market.

The deal was carried out through Glennmont’s EUR-850-million (USD 926.6m) Clean Energy Fund III. The value of the purchase was not provided. 

The acquired wind project, called Piiparinmaki, is ready to be installed, with its construction slated to begin this month at a site in central Finland. The power plant will be built without the use of state subsidies and once operational will become the largest wind park in Finland.

Glennmont has agreed a power purchase agreement (PPA) with Internet giant Google covering a “significant portion” of its output. Ilmatar, the developer of the scheme, will provide technical and commercial management services once the power plant’s 41 Vestas EnVentus turbines are switched on. 

DekaBank Deutsche Girozentrale will provide senior debt financing for the project, Glennmont said.

(EUR 1.0 = USD 1.090)

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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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