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Downing agrees to acquire 30MW onshore wind farm in its first Finnish deal
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Downing LLP (Downing) is pleased to announce that Bagnall Energy Limited, the renewable energy and infrastructure arm of Downing Estate Planning Service, has agreed to acquire a 30MW onshore wind farm in Finland at the commencement of operations.
The Konttisuo wind farm is located near Soini in the region of Southern Ostrobothnia and once constructed will produce enough electricity to power the equivalent of c.37,000 UK homes a year[1]. Construction is scheduled to be completed in Q2 this year.
The project was developed and is being constructed by Energiequelle, a leading European developer who will also provide long-term technical and commercial management services to the plant. Nordex supplied the seven N149 turbines and is contracted to provide long-term maintenance services to the project for 25 years.
The acquisition represents Downing’s first investment in Finland and Bagnall’s second technology in the Nordic region.
Tom Williams, Head of Energy & Infrastructure at Downing, commented: “We are delighted to be expanding our portfolio into Finland, which is accelerating its growth plans for renewable energy. Projects like the Konttisuo wind farm are key to delivering decarbonisation and increasing energy security.
We’re also pleased to be partnering with Energiequelle, who have an excellent track record of development and management of wind projects across Europe. We look forward to continuing to work with them on this project and hope to add others in the future too.
At Downing, we are committed to responsible investing and this latest acquisition supports our commitment to this strategy. Our pipeline of potential acquisitions is looking very healthy and we look forward to adding further attractive opportunities to the portfolio in due course.”
Nils Borstelmann, Managing Director of Energiequelle Oy, commented: “We are extremely pleased to have found in Downing an investor for our Konttisuo wind farm, for whom, like for Energiequelle, a reliable renewable energy supply is central to the company's goals. The good cooperation between Downing and Energiequelle has brought both companies another step closer to this goal.”
[1] The attached source 2.9MWh of electricity is the average for the UK household which would mean this windfarm would power 37,900 homes a year (source: Link)
About Downing LLP
Downing LLP is a London-based investment management firm. It currently manages c.£1.6 billion of equity invested into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children's nurseries, to technology and sports nutrition. Downing has a demonstrable track record in renewables, having made more than 175 investments into solar parks, wind farms and hydroelectric plants since 2010.
About Energiequelle
Since 1997, Energiequelle GmbH has been active internationally as a project manager and operator of wind energy, biomass and photovoltaic plants as well as substations and storage facilities. The headquarter of Energiequelle is in Kallinchen near Berlin, further locations are in Bremen, Oldenburg, Hanover, Putlitz, Penzing, Erfurt, Dresden, Rostock, Leipzig, Guntersblum, Magdeburg, Wiesbaden and Spremberg as well as Rennes, Dijon and Royan (France) and Helsinki (Finland). With more than 350 employees and more than 750 plants built with a total output of around 1,500 MW, Energiequelle is a leading company in the industry.
