Low Carbon enters Finland with 30-MW wind acquisition

Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

August 17 (Renewables Now) - UK-based Low Carbon Investment Management Ltd has acquired a 30-MW wind farm project in Finland in a deal that marked its entry into the Finnish renewable energy market.

The renewable energy investor and asset manager said on Monday that the Morknasskogen scheme will form part of its exclusive development pipeline in Finland, which now exceeds 120 MW.

Financial details about the deal and the name of the vendor were kept under wraps.

To be installed near the city of Vaasa on the west coast of Finland, the wind park will be equipped with five turbines, the construction of which is due to begin in early 2022. When operational, the plant is expected to generate around 100 GWh of electricity annually, enough to supply over 30,600 homes, and offset over 24,700 tonnes of carbon dioxide (CO2) emissions.

European infrastructure and energy financing specialist Kommunalkredit Austria AG is the sole lead arranger for a EUR-5.6-million (USD 6.6m) warehouse loan facility and is also providing EUR 19 million in construction bridge financing.

(EUR 1.0 = USD 1.177)

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