The fund has secured the right to acquire Aalto Wind No 2 Ltd Oy, the holding entity for a Finnish wind farm, for later this year by entering into a short-term financing agreement.
The final consideration will amount to approximately 15.5% of the proceeds raised from the recent IPO.
It is the fund’s fourth acquisition since its IPO on the London Stock Exchange in May, which raised €154.3m, though initially it was looking to raise €300m.
Aalto Wind No 2 Ltd Oy holds the li Olhava wind farm and its extension, li Olhava Extension, approximately 50km north of the city of Oulu with an installed capacity of 34.55 MW and an expected production of 99.2 GWh p.a. based on historical production values. The park comprises eight Vestas V112 and three Vestas V126 turbines with capacities between 3.1 and 3.3 MW.
The wind parks qualify for the Finnish feed-in tariff support scheme. The scheme is structured as a contract-for-difference (CfD). Project Olhava is eligible for the CfD premium for approximately five more years, until mid to late 2024. The 9.9 MW Olhava Ext. is eligible for approximately six more years until September 2025.
Chairman Ian Nolan said: “The investment is a strong expression of the Company’s pan-European investment strategy. Following the acquisition, the Company will be diversified across Portugal (10.8%), Denmark (15.5%), Norway (13.3%) and Finland (15.5%), with an allocation by generation technology of 44.3% for onshore wind and 10.8% for hydro.”