Krogerus advised VALOREM in an arrangement where VALOREM and Octopus Energy Investments entered into a joint venture for the construction and operation of 71.4MW of new wind capacity in Finland. The transaction covers two wind farms in the south-west of Finland called Saunamaa and Suolakangas.
While maintaining a minority stake, VALOREM will manage construction and operation of both wind farms through its subsidiaries and its local partner. Seventeen Vestas V150 4.2 MW turbines with tip heights of up to 230 metres will be constructed with total expected annual generation of 280GWh and the construction will start immediately.
The transaction will be VALOREM’s first construction investment in the Finnish market, representing an investment of approximately EUR 80 million. The wind farms are expected to be in commercial operation by late 2020.
OEI is a UK-based fund management business with circa GBP 8 billion of funds under management and with a focus on renewable energy. The project represents a first Nordic transaction and first unsubsidised onshore wind development for OEI.
The Krogerus team was led by partners Ville Hailikari and Sami Laine. They were mainly assisted by senior associates Milla Niemi and Kalle Hakkarainen.