Low Carbon acquires Finnish wind farm
Published by Bella Weetch,
Editorial Assistant
Energy Global,
Low Carbon has recently completed the acquisition of the Mörknässkogen wind farm in Finland. With an expected capacity of 30 MW from five wind turbines, the project forms part of the company’s exclusive renewables pipeline of more than 120 MW currently being developed in the country.
Located near the city of Vaasa on the west coast of Finland, the Mörknässkogen wind project will benefit from the region’s abundant natural wind resources. Finland is one of the world leaders in the utilisation of renewable sources of energy and as such this project will be an important asset in Low Carbon’s portfolio.
Construction is expected to start in early 2022 and when completed, the wind farm will have a production capacity of approximately 100 GWh/yr, capable of powering in excess of 30 600 homes and avoiding more than 24 700 t of CO2.
Low Carbon is pleased to be entering the Finnish renewable energy market and contributing to the targets set out in the country’s National Energy and Climate Strategy for 2030, which aims to increase the use of renewable energy so that it makes up more than 50% of energy end-consumption.
Commenting on the milestone, John Stuart, Managing Director of Low Carbon Investment Management said: ‘We are delighted to announce our acquisition of the Mörknässkogen wind project in Finland. Closing this transaction demonstrates Low Carbon’s ability to direct capital at scale into renewable energy infrastructure. Finland is a sought after European renewable market and we are proud to be increasing the country’s renewable power mix with affordable and clean wind energy.”
Financing partner for the project is the European infrastructure and energy financing specialist, Kommunalkredit Austria AG, acting as Sole Mandated Lead Arranger in the €5.6 million warehouse facility, and has also been mandated for the project’s €19 million construction bridge financing.
John Weiland, Kommunalkredit’s Head of Banking, commented “By combining the benefits of a warehousing facility with the funding certainty of a pre-construction bridge facility for this project, Kommunalkredit provided its client Low Carbon with utmost flexibility in light of their continuous growth plans. This demonstrates once more our client centric approach and sector expertise”.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Summer 2021 issue
The Summer issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including CEWEP, Enel Green Power, Turboden S.p.A., Cornwall Insight, and more.
Read the article online at: https://www.energyglobal.com/wind/16082021/low-carbon-acquires-finnish-wind-farm/
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