OX2 agrees to sell Finnish windfarm to Prime Capital

9 October 2018 (Last Updated October 9th, 2018 16:41)

Renewable energy projects developer OX2 has agreed to allow Prime Capital to take over ownership of an operating 23MW windfarm in northern Finland. 

OX2 agrees to sell Finnish windfarm to Prime Capital
Prime Capital is to buy an OX2 windfarm in northern Finland. Credit: RawFilm on Unsplash.

Renewable energy projects developer OX2 has agreed to allow Prime Capital to take over ownership of an operating 23MW windfarm in northern Finland.

Prime Capital is an independent European asset manager and concluded the wind power deal on behalf of one of its institutional clients.

Under the deal, OX2 will perform a technical upgrade to the windfarm, as well as being responsible for technical and commercial management.

Financial details of the deal have not been revealed by the companies.

OX2 Wind managing director Paul Stormoen said: “We are very happy to be part of this transaction. The windfarm has been performing well for the last two years and we now see further potential in improving its output by doing technical upgrades.”

“The windfarm has been performing well for the last two years and we now see further potential in improving its output by doing technical upgrades.”

Located between Posio and Kuusamo in northern Finland, the windfarm features seven Vestas V126 turbines, which have the capacity to producing nearly 80GWh per annum.

The windfarm was built in 2016 within the framework of the Finnish funding system for windpower and it has a capacity factor of close to 40%.

OX2 TCM managing director Lars Bryngelsson said: “We are very pleased to conclude our first agreement with Prime Capital and are looking forward to a long-term collaboration in which we can continuously optimise the production with our analytics toolkit.”

Earlier this month, European infrastructure fund Marguerite has signed an agreement to acquire a 42MW wind turbine onshore wind farm from renewable energy projects developer OX2.