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Impax Asset Management buys pair of Finnish wind farms

5 Sep 2013

Impax Asset Management, via its Impax New Energy Investors II fund (NEF II), is two buy two Finnish wind farms, joint-owned by Fortum and Metsähallitus.

The two farms, Kuolavaara-Keulakkopää and Joukhaisselkä, represent 50MW and 25MW of capacity, respectively. Joukhaisselkä is still under construction.

Fortum’s share of the projects is 51 per cent, while Metsähallitus holds 49 per cent.

Impax’s NEF II fund closed in August 2011 with €330m of capital committed to the renewables sector. It’s portfolio of wind projects includes over 200MW in construction and operation throughout France, Germany, and Poland. It also has solar projects in italy. Investors in the fund include the European Investment Bank and the Finnish State Pension Fund.

Daniel von Preyss, managing director at Impax, said, ‘We are delighted to sign our first acquisition in Finland with Fortum and Metsähallitus. Given the early stage of the Finnish wind market, we see this portfolio as an excellent foundation asset for our wind investment programme in the region. This is a key market for Impax and we target follow on acquisitions as the market continues to grow. This investment further diversifies Impax NEF II and takes the invested and committed capital to over 60 per cent of the fund’s total commitments.’

Risto Andsten, vice president of renewable energy at Fortum added, ‘The sale of the wind power projects is part of the Fortum efficiency programme launched in October 2012. According to our strategy, we are focusing on hydropower, biofuels, solar power and wave power development within renewable energy.’

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