Impax reaches financial close on 51-MW wind scheme in Finland

Sep 30, 2014 - UK-based Impax Asset Management Group (LON:IPX) today said it has secured EUR 106 million (USD 133.6m) in funding for a 51-MW wind park in Finnish Lapland and unveiled the buy of another 27-MW scheme.

The project financing was agreed with Germany’s KfW IPEX-Bank.

Earlier today German turbine maker Nordex SE (ETR:NDX1) announced a deal to supply 17 units of its N117/3000 Delta turbine and build the Kuolavaara-Keulakkopaa (Kuke) wind farm for Impax. The 51-MW plant, expected to reach full production at the beginning of 2016, will be owned by Impax New Energy Investors II. This is Impax’s second private equity fund with over 400 MW of operational and under-construction wind and solar parks in France, Germany, Poland, Ireland, Italy and Finland.

As for the latest acquisition, Impax took possession of a fully-permitted 27-MW wind project in Finland. The 9-turbine scheme is expected to enter the construction stage next year, it said, without disclosing financial details on the purchase.

These two projects in Finland and the 27-MW Joukhaisselka wind plan which reached financial close in April, bring Impax’s local wind portfolio to 105 MW. David Trafford-Roberts, head of private equity at Impax explained that Finland’s attractiveness for wind developers comes from its excellent wind resource and strong and stable regulatory wind regime in combination with the robust economic and political framework within the EU.

(EUR 1 = USD 1.261)

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