Norwegian state-owned company Statkraft has signed power purchase agreements (PPAs) with German real asset investment management company Aquila Capital for wind assets in Finland.

The clean energy will be supplied from the Mastokangas and Korkeakangas wind farms.

The Mastokangas wind farm has 68.4MW of capacity, while the Korkeakangas wind farm’s total capacity is 43.2MW.

Statkraft Nordics Origination and Portfolio Management head Arne Kolbeinstveit Wist said: “The power generated by the wind farms will be used to supply our industrial and commercial customers.

“We are proud to be able to respond to the specific demands of renewable energy buyers.

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By GlobalData

“The agreements with Aquila Capital enable us to fulfil these needs, now also in Finland.”

The PPAs are understood to be Statkraft’s first transactions with Aquila Capital in Finland.

The two wind facilities are currently under construction and expected to be completed later this year and early next year respectively.

Once completed, they will have a total installed capacity of 111.6MW and produce more than 350GWh of wind energy a year.

Aquila Capital Nordics Power Markets director Lars Haavik said: “We are very pleased to have signed these PPAs with our long-standing strategic partner Statkraft.

“This agreement will allow us to continue the expansion of renewables in Finland, which supports our ambition to drive the energy transition forward.”

In June, Statkraft began commercial operations at the first unit of its floating solar project at the Banja reservoir in Albania, together with solar power company Ocean Sun.

Covering almost 4,000m², the first unit features 1,536 solar panels with 0.5MWp of installed capacity.

Each unit consists of a floating ring and a thin membrane. The facility is expected to contribute to the country’s ‘renewable energy journey’.

Statkraft also operates the 72MW Banja hydropower plant at the reservoir.