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Impax announced that it has closed the project financing of the Joukhaisselkä wind park in Northern Finland with Skandinaviska Enskilda Banken AB (SEB) and has completed the acquisition of the Kuolavaara-Keulakkopää wind park from Fortum and Metsähallitus.
The Kuolavaara-Keulakkopää wind park is located in the Kittilä and Sodankylä municipalities and is the second project acquired by Impax New Energy Investors II (Impax NEF II) from Fortum and Metsähallitus. The wind park has 17 wind turbines with an expected installed capacity of 51 megawatts. The Joukhaisselkä wind park has 9 turbines, with a planned installed capacity of 27 MW. It is located in the Sodankylä municipality and construction commenced earlier this year. Fortum and Metsähallitus have developed both projects jointly.
Impax NEF II had its final close in August 2011 and has €330 million of capital committed to investments in the renewable energy sector. It is now over 65% invested in a growing portfolio of onshore wind power projects, including over 250MW in construction and operation in France, Germany and Poland, as well as solar photovoltaic investments in Italy.
Impax NEF II attracted support from a number of existing and new investors, including British Airways Pension Fund, The Finnish State Pension Fund (VER), West Midlands Pension Fund, London Pensions Fund Authority, Cooperative Insurance Society and the European Investment Bank.
Daniel von Preyss, Managing Director at Impax said:
"The project financing of Joukhaisselkä with SEB is a key step in realising our first wind project in Finland. The construction and financing preparations of the Joukhaisselkä park have proceeded well and we are pleased to acquire Kuolavaara-Keulakkopää; the second project in our Finnish portfolio. Finland is a key market for Impax and we target follow-on acquisitions as the market continues to grow."