Impax to acquire two Finnish wind power projects

Impax will acquire the Lapland projects via its Impax New Energy Investors II fund. Fortum is selling its 51% stake, whereas Metsähallitus is divesting a 49% holding in the projects.

The sellers are responsible for securing project permissions, while Impax will raise project financing for the wind power projects.

The deal, which will be implemented in phases, is expected to complete during Q1 2014. Financial terms of the transaction were not disclosed.

Renewable energy sector fund Impax New Energy Investors II closed on €330m in August 2011 with participating investors such as The European Investment Bank and The Finnish State Pension Fund. Its portfolio consists of 200MW of operation and construction projects in France, Germany and Poland, and photovoltaic investments in Italy.

This is London-based Impax's first investment in Finland, and is part of Fortum's efficiency programme launched in October 2012.

Company
Located in the Kittilä and Sodankylä municipalities in Lapland, the Kuolavaara-Keulakkopää wind park plans to develop a total of 17 wind power plants with an output of close to 50MW.

Located in the Sodankylä municipality, the Joukhaisselkä's wind power park consists of 8-10 turbines with a planned output of about 25MW.

People
Daniel von Preyss is managing director at Impax. Risto Andsten is vice president of renewable energy at Fortum.

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