Renewable energy developer OX2 has agreed to acquire a 400MW wind power project from Finnish construction company YIT.

As part of the deal, OX2 has acquired the project rights for 72 wind turbines from YIT. OX2 Finland country manager Teemu Loikkanen said: “The acquisition of the project rights for Finland’s largest wind farm is a significant and welcome project for us. The greatest benefits from renewable energy projects are achieved when they are implemented on a large scale.

“In addition to the wind farm, we will build a 1.3GW electricity transmission line, and with the nearby Halsua wind power project, we will be able to offer plenty of job opportunities for companies in the economic area.”

Located in Lestijärvi municipality in Central Ostrobothnia, Finland, the wind farm construction works are expected to begin within a year. The development will not use any government subsidies.

The Lestijärvi project includes the construction of an electricity substation and 55km of 400kV power line.

Upon completion, the wind facility will generate approximately 1.4TWh of energy annually.

Lestijärvi municipality head Esko Ahonen said: “It is of paramount importance to the municipality that the project has passed on to competent hands and its realisation is confirmed.

“The wind farm generates approximately €2.5m [$3m] in real estate tax for the municipality every year. It will secure funding for a new school and provide us with capital for development and maintain well-being in our municipality.”

The financial details of the deal have not been disclosed.