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Downing LLP’s first Finnish wind farm investment completes construction
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Downing LLP is pleased to announce the acquisition and entry into operations of a 30MW onshore wind farm in Finland as it expands its focus on sustainable investing.
Bagnall Energy Limited (Bagnall), the renewable energy and infrastructure arm of Downing Estate Planning Service, entered into an agreement earlier this year to acquire the wind farm at commencement of operations and is delighted to confirm that the acquisition has completed now the wind farm has been successfully commissioned.
The acquisition is Downing’s first investment in Finland and Bagnall’s first wind investment in the Nordic region, complementing its hydropower assets in the region.
The Konttisuo wind farm is located near Soini in the region of Southern Ostrobothnia and will produce enough electricity to power the equivalent of c.37,000 UK homes a year1. It has been built by Energiequelle, a leading European developer which will also provide long-term technical and commercial management services.
Turbines for the wind farm were supplied by Nordex which is contracted to provide long-term maintenance services to the project for 25 years.
Tom Williams, Head of Energy & Infrastructure at Downing, said: “The onshore wind sector in Finland is expanding rapidly and we are delighted to be able to contribute to Finland’s decarbonisation and energy security goals through this transaction.
“Energiequelle has an excellent track record of development and management of wind projects across Europe, and we look forward to a successful partnership with them.
“As a certified B Corp, we are committed to responsible investing and delivering on the strategy. We look forward to adding further attractive projects to our portfolio in due course.”
Nils Borstelmann, Country Manager, Energiequelle Finland, commented: “We are very pleased with the successful commissioning of the wind farm and our partnership with Downing. For both of us, decentralised and renewable energy production is at the core of our operational goals.
“Working with the authorities, the municipality of Soini and the local community has been really smooth and we look forward to celebrating the opening of the wind farm at the end of October together with them.”
Downing’s Energy and Infrastructure team has completed around 175 core renewable transactions over the past 12 years and invested more than £700 million in core renewable energy since inception.
[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)
