Impax closes Finnish wind deal and financing

The London-based manager has now invested more than 65% of its most recent, €330m fund.

Impax has closed the project financing of the Joukhaisselka wind park in northern Finland as well as the acquisition of the Kuolavaara-Keulakkopaa wind park from Finnish energy company Fortum and Metsahallitus, the Finnish state land administrator.

The project financing deal was completed alongside Skandinaviska Enskilda Banken (SEB), the Sweden-headquartered banking group. Financial details were not disclosed.

Joukhaisselka has nine wind turbines with a planned installed capacity of 27 megawatts (MW). Construction of the park, which is based in Sodankyla municipality, began earlier this year.

The Kuolavaara-Keulakkopaa wind park is located in the Kittila and Sodankyla municipalities and is the second project acquired by Impax’s New Energy Investors II (NEF II) fund from Fortum and Metsahallitus. The park has 17 wind turbines and an expected installed capacity of 51MW.

“Finland is a key market for Impax and we target follow-on acquisitions as the market continues to grow,” said Daniel von Preyss, a managing director at Impax, in a statement.

NEF II closed in August 2011, with €330 million available for investment in the renewable energy sector. Following the latest deals, it is more than 65 percent invested in a portfolio of onshore wind projects in countries such as France, Germany and Poland as well as solar photovoltaic investments in Italy.