New acquisition Kuuronkallio Commerz Real adds first Finnish wind farm to klimaVest portfolio
29.06.2021 • 3 Reading Time
- 58.8 MW rated power
- Ten-year power purchase agreement with Google for complete energy production
- Annual demand of almost 70,000 households covered, almost 50,000 t of CO₂ saved
With the Kuuronkallio onshore wind farm, Commerz Real has acquired the first Finnish asset for its impact fund klimaVest. The seller is international project developer and operator wpd based in Bremen. “Scandinavia is an appealing market for us and we are confident that we will be able to acquire further assets there to diversify the fund portfolio,” explains Jan-Peter Müller, Head of Infrastructure Investments at Commerz Real. In September 2020, Commerz Real had already acquired a portfolio of three southern Swedish onshore wind farms with a cumulative nominal output of 68.4 megawatts from the Swedish company, Eolus Vind AB.
Located in the Kannus municipality in the West Finnish region of Central Ostrobothnia, the wind farm, which was connected to the grid at the beginning of 2020, comprises 14 turbines produced by world market leader Vestas with a total rated output of 58.8 megawatts. This is equivalent to annual electricity production of around 216 gigawatt-hours (GWh), which, according to figures from the Federal Statistical Office, covers the average demand of almost 70,000 households. The amount of carbon dioxide (CO₂) emissions saved is almost 50,000 tonnes per year.
“In addition to the excellent location, the established technology and the renowned developer, it was above all important for us to ensure a stable cash flow for our investors,” emphasises Müller. A ten-year power purchase agreement for the total amount of energy generated with a subsidiary of the technology company Google has therefore been agreed. The latter operates a large data centre in Hamina, 150 km east of Helsinki. In addition, a long-term full maintenance contract has been concluded with Vestas over the next 20 years.