Impax Asset Management buys Finnish wind farm


UK-based environmental investor Impax Asset Management has bought Finnish wind farm Kuolavaara-Keulakkopää from Fortum and Metsähallitus.

The 17-turbinel, 51MW wind farm is the second project acquired by the firm’s Impax New Energy Investors II fund from Fortum and Metsähallitus.

Impax’s new acquisition comes in the wake of the company closing project financing for the Joukhaisselkä wind park in Northern Finldand with Skandinaviska Enskilda Banken.

The Joukhaisselkä wind park has a planned installed capacity of 27MW.  It is located in the Sodankylä municipality and construction commenced earlier this year.

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.”

Impax NEF II had its final close in August 2011 and has €330m committed to investments in the renewable energy sector.

It is now over 65 per cent 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.

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