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October 9, 2018

OX2 agrees to sell Finnish windfarm to Prime Capital

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

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

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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.

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Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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