Lundin farms down 50% of Finnish wind project

The Ponsivuori wind farm. Image by: OX2.

March 20 (Renewables Now) - Norway-focused oil and gas producer Lundin Petroleum AB (STO:LUPE) has farmed-down a 50% stake in a 132-MW Finnish wind project which it fully acquired recently.

Specifically, Lundin has divested the 50% interest in the USD-200-million (EUR 186.6m), zero-subsidy Metsalamminkangas wind farm to Sval Energi AS, a portfolio company of HitecVision. The announcement says that Sval has farmed into 50% of the project worth USD 100 million, including acquisition cost and future capital expenditure.

Lundin bought the particular project at the end of January 2020 from Swedish renewables developer OX2 AB.

Metsalamminkangas will be the third largest wind farm in Finland with its 24 GE turbines, to be installed in the municipality of Vaala, North Ostrobothnia. Once the plant is fully operational in 2022, OX2 will be in charge of its technical and commercial management.

(USD 1.0 = EUR 0.933)

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