Downing LLP (Downing) has announce that Bagnall Energy Limited, the renewable energy and infrastructure arm of Downing Estate Planning Service, has agreed to acquire a 30MW onshore wind farm in Finland at the commencement of operations.
The Konttisuo wind farm is located near Soini in the region of Southern Ostrobothnia. Once constructed, it will produce enough electricity to power the equivalent of 37,000 UK homes a year. Construction is scheduled to be completed in Q2 this year.
The project was developed and is being constructed by Energiequelle, a leading European developer that will also provide long-term technical and commercial management services to the plant. Nordex supplied the seven N149 turbines and is contracted to provide long-term maintenance services to the project for 25 years.
The acquisition represents Downing’s first investment in Finland and Bagnall’s second technology in the Nordic region.
Tom Williams, Head of Energy & Infrastructure at Downing, commented: “We are delighted to be expanding our portfolio into Finland, which is accelerating its growth plans for renewable energy. Projects like the Konttisuo wind farm are key to delivering decarbonisation and increasing energy security.
We’re also pleased to be partnering with Energiequelle, who have an excellent track record of development and management of wind projects across Europe. We look forward to continuing to work with them on this project and hope to add others in the future too.
At Downing, we are committed to responsible investing and this latest acquisition supports our commitment to this strategy. Our pipeline of potential acquisitions is looking very healthy and we look forward to adding further attractive opportunities to the portfolio in due course.”
Nils Borstelmann, Managing Director of Energiequelle Oy, commented: “We are extremely pleased to have found in Downing an investor for our Konttisuo wind farm, for whom, like for Energiequelle, a reliable renewable energy supply is central to the company’s goals. The good cooperation between Downing and Energiequelle has brought both companies another step closer to this goal.”