The international insurance company, Allianz, has signed an acquisition agreement with the wind power company, OX2, for six wind turbines at Jouttikallio in Lapua, Finland. This is Allianz’s first wind power investment in the Finnish market.
“Entering the Finnish market is another important milestone this year for us. Finland is a promising European wind market and it will help us to increase and further diversify our renewables portfolio”, says David Jones, Head of Renewables at Allianz Capital Partners. “We are pleased to expand our relationship with OX2 and we look forward to working with them on the successful long-term operation of this wind farm.”
The future wind farm will be situated at Jouttikallio, Lapua, around 80 km from Vaasa. The wind farm will consist of six wind turbines with an expected output of 63 GWh/year.
“Finland is a promising European wind market and it will help us to increase and further diversify our renewables portfolio” David Jones, Head of Renewables at Allianz Capital Partners
The project, originally developed by the Finnish wind power company Innopower, has been granted all the permits necessary for construction to start. In May, Innopower and OX2 entered into a cooperation regarding the project, under which OX2 took over responsibility for continued development, technical design, procurement, financing and construction of the project.
The agreement signed with Allianz means that OX2 can now start the construction of the project, at the same time as Innopower’s involvement comes to an end. The wind farm is expected to be commissioned and delivered to Allianz at the end of 2016. OX2 will then continue to be responsible for the commercial and technical management of the wind farm.
“We are proud that Allianz has once again shown its confidence in us, and we are looking forward to building and delivering another wind farm for them, this time in Finland”, says Paul Stormoen, Managing Director of OX2 Wind.
OX2 has already signed two projects with Allianz, involving a total of 105 MW wind power in Sweden.
The Jouttikallio wind farm in brief
- The wind farm will consist of six Vestas V126-3.45 MW wind turbines (21 MW)
- The wind farm is expected to produce 63 GWh/year, equivalent to the annual electricity consumption of around 12,600 households (5,000 kWh/year).
The parties have contractually agreed not to disclose the purchase price. The transaction is subject to certain closing conditions and is expected to close by end of January 2016.
OX2 develops, constructs, finances and manages renewable energy plants in northern Europe. We are a driving force in the transition towards a sustainable energy sector, offering financial investors as well as large energy users the opportunity to invest in and own renewable energy. OX2has realized a significant part of the large-scale onshore wind power projects in the Nordic region. The group has operations in Sweden, Finland, Norway and Poland.
Allianz Capital Partners
Allianz Capital Partners is the Allianz Group’s in-house investment manager for alternative investments. With offices in Munich, London, New York and Singapore Allianz Capital Partners manages around EUR 12 billion of alternative assets. The investment focus is on direct investments in infrastructure and renewable energy as well as private equity fund investments. ACP’s investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies.
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