Commerz Real expands Klimavest portfolio with first Finnish wind farm
58.8 MW installed capacity
Ten-year power purchase agreement with Google for entire energy production
Annual requirement of about 25,000 households met, CO2 reduction of nearly 50,000 t
Commerz Real has acquired the first Finnish asset for its Klimavest impact fund – the Kuuronkallio onshore wind farm. The seller is the international project developer and operator wpd, which is domiciled in Bremen. “Scandinavia is an attractive market for us, and we are confident that we will be able to acquire additional assets there so as to diversify the fund portfolio,” explains Jan-Peter Müller, Head of Infrastructure Investments at Commerz Real. In September 2020 Commerz Real had already acquired a portfolio comprising three onshore wind farms in southern Sweden with a cumulative installed capacity of 68.4 megawatts from the Swedish company Eolus Vind AB.
Scandinavia is an attractive market for us, and we are confident that we will be able to acquire additional assets there so as to diversify the fund portfolio.
Jan-Peter Müller, Head of Infrastructure Investments at Commerz Real
The wind farm, which is located in the municipality of Kannus in the Central Ostrobothnia region in the province of Western Finland, was connected to the national grid at the beginning of 2020 and comprises 14 turbines produced by the global market leader Vestas with a total installed capacity of 58.8 megawatts. This corresponds to an annual electricity generation of approx. 216 gigawatt-hours (GWh), which according to figures from EUROSTAT, the Statistical Office of the EU, meets the average requirements of about 25,000 Finnish households. The resulting reduction in carbon dioxide (CO2) emissions amounts to nearly 50,000 tonnes per year.
“The important factors for us were the excellent location, the established technology, the renowned developer and, above all, securing stable cash flows for our investors,” emphasises Müller. Thus there is a ten-year power purchase agreement for the entire energy production with a subsidiary of the technology company Google. The latter operates a major data centre in Hamina, 150 km east of Helsinki. In addition, a long-term full service agreement has been concluded with Vestas for the next 20 years.