This page contains a Flash digital edition of a book.
MONEY MATTERS


IMPAX AGREES TO PURCHASE TWO WIND POWER PROJECTS IN FINLAND


Fortum and Metsähallitus announced recently that they have agreed to sell their Kuolavaara-Keulakkopää and Joukhaisselkä pre-construction stage wind power projects in Lapland to Impax New Energy Investors II (‘NEF ll’), a fund managed by Impax Asset Management (‘Impax’). Fortum’s share of the projects is 51% and Metsähallitus’s 49%.


LOCATION AND PROJECT DETAIL The Kuolavaara-Keulakkopää project is located in the Kittilä and Sodankylä municipalities. A wind park consisting of a total of 17 wind power plants with an output of approximately 50 megawatts (‘MW’) is planned for the area. The Joukhaisselkä’s wind power park of 8-10 turbines, with a planned output of about 25 MW, is located in the Sodankylä municipality. Fortum and Metsähallitus have developed the projects jointly.


RESPONSIBILITIES


The sellers are responsible for finalising the permitting of the projects. The transaction will be implemented in phases and the sale is expected to complete during the first quarter of 2014. Impax will raise project financing for the construction of the projects. The sale price and other terms are not disclosed.


GROWING PORTFOLIO Impax nEF II closed in August 2011 and has €330 million of capital committed to the renewable energy sector. It has a growing portfolio of wind power projects including over 200MW in construction and operation in France, germany and Poland, as well as solar photovoltaic investments in Italy. The European Investment Bank (‘EIB’) and The Finnish State Pension Fund (‘VEr’) are investors in the fund.


Daniel von Preyss, Managing Director at Impax said; “We are delighted to sign our first acquisition in Finland with Fortum and Metsähallitus. Given the early stage of the Finnish wind market, we see this portfolio as an excellent foundation asset for our wind investment programme in the region. This is a key market for Impax and we target follow on acquisitions as the market continues to grow. This investment further diversifies Impax NEF II and takes the invested and committed capital to over 60% of the fund’s total commitments.”


FORTUM EFFICIENCY PROGRAMME Risto Andsten, Vice President, Renewable Energy at Fortum commented; “The sale of the wind power projects is part of the Fortum efficiency programme launched in October 2012. According to our strategy, we are focusing on hydropower, biofuels, solar power and wave power development within renewable energy.”


STRATEGIC FOCUS


Aimo Oikarinen, Director of Metsähallitus added; “Creating investment opportunities for wind power is a strategic focus for Metsähallitus. This sale is a testament to the success of our strategy”.


Impax Asset Management Ltd


106


www.windenergynetwork.co.uk


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116