Energy investment to acquire wind projects portfolio

  • Date: 17-Jan-2021
  • Source: Trade Arabia
  • Sector:Oil & Gas
  • Country:Gulf
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Energy investment to acquire wind projects portfolio

Renewable Power Capital (RPC), a renewable energy investment platform backed by Canada Pension Plan Investment Board (CPP Investments), has made its first investment by committing to the acquisition of a 100 per cent ownership interest in a 171 MW portfolio of onshore wind projects from OX2, a leading developer and constructor of large-scale onshore wind power in Europe, in a transaction valued at €245 million.

 

Two of the wind farms, Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia, are ready-to-build. When all three wind farms are commissioned as planned in 2022, the portfolio is expected to produce close to 590 GWh per year, equivalent to the electricity consumption of approximately 118 000 households.

 

RPC has a long-term investment strategy, flexible capital and deep domain expertise. This transaction with OX2 showcases the company's ability to move swiftly and decisively in executing acquisitions, delivering speed, execution certainty and value, prior to optimizing the power contracting and long-term debt financing. 

 

Bob Psaradellis, CEO, Renewable Power Capital, said: "We are pleased to announce this acquisition as our debut investment in one of our target markets, with a best-in-class partner. The investment is a good example of our long-term investment strategy. Finland is an attractive market, given