Impax and Allianz complete Finnish wind transaction

As part of Impax’s strategy to develop and sell renewables assets, the firm has exited three projects to the German insurer's alternatives arm.

Allianz Capital Partners (ACP) has agreed to purchase a 107.7MW wind portfolio in Finland from London-based specialist investor Impax Asset Management.

The two sides agreed to the deal in March but waited to make it official when all three wind farms were operational. Impax said in a statement the deal is part of the firm’s ‘buy, build and sell’ strategy of developing greenfield clean energy projects and offloading them to an investor.

Peter Rossbach, managing director for private equity and infrastructure at Impax, told Infrastructure Investor in May the strategy is about “feeding the growing demand” for renewable assets.

“The sale represents a material part of our current disposal programme and follows the successful sale of our French and German portfolio earlier this year,” Impax’s associate director Ben Stafford said.

ACP’s renewable portfolio now exceeds €3 billion and includes 63 wind and seven solar farms in Austria, Finland, France, Germany, Italy, Sweden and the US.

Impax, which was founded in 1998 and now manages £3.2 billion ($4.6 billion; €4 billion) for investors around the world, used its €330 million New Energy Investor Fund II to purchase the assets. It purchased the Kuolavaara-Keulakkopää and the Joukhaisselkä from Finnish energy firm Fortum and state-owned land manager Metsähallitus in September 2013.

The firm is currently raising funds for its third renewable vehicle, which was originally targeting €500 million in 2015.