OX2, a developer of wind farms in Europe, has agreed to sell two pre-construction onshore wind farm projects — Kropuln and Storbacken – in Finland to Infracapital, the infrastructure equity investment arm of M&G Prudential.
The two onshore wind projects consist of 14 turbines with an estimated production output of around 206 GWh per year.
OX2 will continue to act as the project’s asset manager during construction and operations under a bespoke engineering, procurement and construction (EPC) contract. OX2 will start the construction in the Autumn of 2019 – aiming for the commercial operations in the fourth quarter of 2021.
This is Infracapital’s second investment in Finland, and the first project for Infracapital Greenfield Partners Fund I LP (IGP I) in the Nordics. The strategy of IGP I is to build, deliver and operate essential greenfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe.
OX2 has developed more than 1,800 MW of wind power. Currently, OX2 is building 15 wind farms with a total of approximately 973 MW in the Nordic region, approximately 190 MW of which are in Finland.
In Finland, renewable energy sources represent nearly 40 percent of energy end-consumption. The Finnish Government’s National Energy and Climate Strategy to 2030 aims to increase the use of renewables to more than 50 percent of energy end-consumption during the 2020s.