KGAL purchases wind park in Finland
KGAL has acquired the Finnish onshore wind park “Silovuori” with a total capacity of 26.4 MW for an institutional fund. The seller is ABO Wind AG, who developed the park and is constructing for a commissioning in December 2016.
The acquisition of the Silovuori wind park was KGAL´s first investment in Finland and marks the entry into the Scandinavian market. The wind park is located around 100 km south of the town of Oulu and 25 km to the east of the coast on the Gulf of Bothnia (central Finland). It is being built with eight Vestas V126 plants and a total capacity of 26.4 MW. The wind park is part of a large individual renewable energies portfolio for an institutional investor.
ABO Wind plans and constructs wind parks in Germany and abroad, and has been active in the finnish market since 2013. In addition to the Silovuori wind park, ABO is currently planning another five wind parks in Finland with a total capacity of 200 MW. The company’s first Finnish wind park, Haapajärvi, was connected to the grid in summer 2015. With these two wind parks, ABO Wind has succeeded in securing a feed-in tariff as part of the 2,500 megawatt quota set by the Finnish government. “This has made our entry into the Finnish market very successful,” says ABO Wind Chairman Dr Jochen Ahn.
Due to the supply of wind, stable country rating and very transparent structures, Finland is an attractive market for investments in the onshore wind sector. Electricity is traded directly in Euroson the “Nord Pool Spot Market” in Euros, and revenues are secured over twelve years with a feed-in tariff.
“We are delighted to have been able to acquire an attractive wind project for our institutional fund on a very competitive market in Finland. With ABO Wind, a highly experienced and long-standing partner of KGAL, we were able to complete the acquisition process quickly,” says Michael Ebner, managing Director of KGAL Investment Management.KGAL has been cooperating with ABO Wind since 2012. Two other projects in France have already been successfully completed.With this purchase, KGAL’s total portfolio in wind energy comprises around 615 MW.
