Greencoat enters Nordic market with €60m wind farm purchase

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Renewables investment fund Greencoat has today bought a Finnish wind farm for €60m (£52m).

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The purchase of the Kokkoneva wind farm from Abo wind marks the AIM-listed firm’s entrance into the Nordic market.

The 43 megawatt wind farm, which is currently under construction, is due to begin producing electricity in the second quarter of 2022.

Greencoat said that the deal would only complete once the asset is fully operational.

The acquisition comes after Greencoat bought a portfolio of three French wind farms last summer.

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The Dublin-based company is looking to expand its asset base across the continent.

Paul O’Donnell, partner at Greencoat, said: “The combination of low-cost renewable energy, and a well-developed corporate power purchase agreement (PPA) market make the Nordics a very attractive target for renewable energy investment.

“We’re delighted to secure such a high-quality asset from Abo wind, and have sight of further value-accretive opportunities in Finland and the rest of the Nordic region.

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“As the renewable generation market continues to develop, we expect to see greater opportunity in forward-sale and corporate PPA models and believe Greencoat Renewables is well positioned to benefit both in Europe and in Ireland.”

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