Renewables operator Valorem and Octopus Energy Investments have entered into a partnership to build and operate two wind farms in Finland which will generate 71MW of wind capacity for the country.
The projects, Saunamaa and Suolakangas, in the southwest of the country represent a total investment by Valorem and local partner Megatuuli of €80 million.
The projects will see the supply and installation of 17 Vestas V150 4.2MW turbines, with tip heights of 230 metres.
Construction is expected to start by mid-2019, and the farms are expected to enter operation by late 2020.
Valorem founder Jean-Yves Grandidier said: “We have been able to take advantage of a site with very good characteristics which will allow us to sell electricity directly to the market.
“However, from a long-term point of view a price mechanism will be necessary for the successful development of wind power and the accomplishment of EU objectives.”
The venture marks the first Nordic transaction for UK-based Octopus and its first unsubsidised onshore investment. For Valorem, the project marks its first wind construction project in Finland.
Octopus Energy Investments co-head Alex Brierley said: “We continue our rapid growth within renewable energy and are pleased to enter the Nordic market via this partnership with Valorem.”