Aquila Capital signs deal with OX2 for wind farm in Finland


Aquila Capital, a manager of alternative investments in Europe, announced its agreement with Nordic developer OX2 for the construction and asset transfer of the Korkeakangas wind farm with nine wind turbines in Karstula, Finland.

OX2 is constructing the project without government subsidies. OX2 will be constructing the wind farm as part of an EPC contract. The farm is scheduled to be commissioned at the end of 2021. OX2 will have the responsibility for the technical and commercial management of the farm.

Facts about the project:

# A total of nine wind turbines equivalent to just over 43 MW
# Turbines selected are from Nordex, model N149 4.8 MW with a total height up to 230 metres
# Rated annual production of about 140 GWh per year, corresponding to electricity consumption for approximately 28,000 households (5,000 kWh / household)
# Planned commissioning in December 2021
# The largest subcontractors are: Nordex (turbine supplier), KSBR (construction work), Fingrid (grid connection).
# Legal advisor: DLA Piper

“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,” says Susanne Wermter, head Investment Management Energy & Infrastructure EMEA at Aquila Capital.

The wind farm will comprise nine Nordex wind turbines and is estimated to produce an average of about 140 GWh per year.

“We are delighted to continue our successful collaboration with Aquila and to establish our fifth wind power project together,” says Paul Stormoen, CEO of OX2.

OX2 is currently constructing more than 1 GW of wind power in the Nordic region, 211 MW of which is in Finland.