Stockholm (NordSIP) – Commerz Real announced the acquisition of its Klimavest impact fund’s first Finnish asset. The fund purchased the Kuuronkallio onshore wind farm located in the municipality of Kannus in the Central Ostrobothnia region of the province of Western Finland from project developer and operator WPD, domiciled in the German state of Bremen.
Commerz Real is a subsidiary of Commerzbank AG with almost 50 years of market experience and approximately €35 billion in assets under management. The company provides a range of services comprising real asset-oriented fund products and bespoke financing solutions.
“Scandinavia is an attractive market for us, and we are confident that we will be able to acquire additional assets there so as to diversify the fund portfolio,” explains Jan-Peter Müller, Head of Infrastructure Investments at Commerz Real. “The important factors for us were the excellent location, the established technology, the renowned developer and, above all, securing stable cash flows for our investors,” emphasises Müller.
The project includes 14 wind turbines built by Vestas with a total installed capacity of 58.8 megawatts (MW), equivalent to an annual electricity generation of approximately 216 gigawatt-hours (GWh). According to Commerz Real’s estimates, this capacity meets the average requirements of about 25,000 Finnish households and generates a reduction of nearly 50,000 tonnes in CO2 emissions per year. The wind farm was connected to Finland’s national grid at the beginning of 2020.
There is a ten-year power purchase agreement for the entire energy production with a subsidiary of Google, which operates a major data centre in Hamina, 150 km east of Helsinki. In addition, a long-term full-service agreement has been concluded with Vestas for the next 20 years.
As of September 2020, Commerz Real had also acquired three onshore wind farms in southern Sweden with a cumulative installed capacity of 68.4 MW from the Swedish company Eolus Vind AB.