Alternative investment manager Aquila Capital has signed an agreement with developer OX2 for the construction and asset transfer of the 43MW Korkeakangas wind farm in Karstula, Finland, that will be built with nine of Nordex’s N149-4.8MW turbines.
The wind farm that will produce about 140GWh per year is another project to be built in Finland without government subsidies, a growing trend in the Nordic regions.
“There is currently very strong demand for wind power in Finland and also in Sweden, where we build without government support, only on market terms and cheaper than anywhere else in Europe,” said OX2 chief executive Paul Stormoen.
The developer is currently building more than 1GW of wind power in the Nordic region, 211MW of which is in Finland.
“The Finnish wind energy market continues to be a highly attractive investment destination for our international institutional investors looking to diversify their portfolios across markets and types of energy production,” said Susanne Wermter, head investment management energy & infrastructure EMEA at Aquila Capital.
OX2 will be constructing the wind farm as part of an EPC contract. It is scheduled to be commissioned in late 2021.