Wind farm company CPC Finland will construct its fourth and so far, its biggest, wind farm in Finland for Prime Capital’s Prime Green Energy Infrastructure Fund (PGEIF) in Kristiinankaupunki, Finland. The transaction will be securing Finland a sizable amount of new subsidy and carbon free electricity. Furthermore, it will be contributing to the national 2035 carbon neutrality target and generating considerable amounts of new tax income to the local community.
The Lappfjärd wind farm has been developed by CPC Finland since 2011. It consists of up to 39 wind turbines with a total capacity of up to 250 MW. In the first phase 31 wind turbines with a total capacity of 192 MW will be built. The construction is to start in early autumn and the wind farm is scheduled to be commissioned in the first quarter of 2023. The plant will connect to the grid through Fingrid’s Arkkukallio substation. The annual electricity production of the Lappfjärd wind farm is estimated to cover the electricity consumption of approximately 200,000 households.
CPC Finland will provide engineering, procurement, and construction services to the wind farm during the construction phase and technical and commercial asset management services during operation.
The project will be owned by PGEIF, an impact (“Article 9”) fund according to the requirements of the EU’s Sustainable Finance Disclosure Regulation (SFDR), investing in sustainable business activities in the Nordics. The fund is backed to a large extent by European pension funds.
Erik Trast, Managing Director, CPC Finland Oy, said: “We are enthusiastic about partnering with Prime Capital for the construction of the Lappfjärd wind farm. This is truly an ideal win-win transaction that will be securing Finland a substantial amount of new subsidy and carbon free electricity, contributing to the national 2035 carbon neutrality target, and generating considerable amounts of new annual tax income over the coming decades for the local community in Kristiinankaupunki”.
Dr Mathias Bimberg, Head of Infrastructure, Prime Capital AG, said:
“We are honored to collaborate with CPC Finland Oy, true pioneers of wind development in Europe, on our second investment for the fund. This project fits well into our strategy of building green projects with some of the lowest production costs in Europe and will be our first large-scale investment in Finland. We will focus on structuring and optimizing this investment further over the coming months”
Facts about the Lappfjärd wind farm:
• Wind farm located in Kristiinankaupunki, in the province of Ostrobothnia, Finland
• Up to 39 wind turbines, first construction phase with 31 wind turbines and total capacity of 192 MW
• Total investment of 200M€ (2021-2023)
• Estimated electricity production equivalent to the electricity consumption of approximately 200,000 households
• Estimated time of commissioning: March 2023
• Major sub-contractors: to be announced soon
• Grid connection at Fingrid KD Kristinestad, later KD Arkkukallio
Source: CPC Finland Oy