The wind farm forms part of Low Carbon’s exclusive development pipeline in Finland of more than 120MW
16 August 2021: Low Carbon has recently completed the acquisition of the Mörknässkogen wind farm in Finland. With an expected capacity of 30MW from 5 wind turbines, the project forms part of Low Carbon’s exclusive renewables pipeline of more than 120MW currently being developed in the country.
Located near the city of Vaasa on the west coast of Finland, the Mörknässkogen wind project will benefit from the region’s abundant natural wind resources. Finland is one of the world leaders in the utilisation of renewable sources of energy and as such this project will be an important asset in Low Carbon’s portfolio.
Construction is expected to start in early 2022 and when completed, the wind farm will have a production capacity of approximately 100GWh per annum, capable of powering in excess of 30,600 homes and avoiding more than 24,700 tonnes of CO2.
Low Carbon is pleased to be entering the Finnish renewable energy market and contributing to the targets set out in the country’s National Energy and Climate Strategy for 2030, which aims to increase the use of renewable energy so that it makes up more than 50 per cent of energy end-consumption.
Commenting on the milestone, John Stuart, Managing Director of Low Carbon Investment Management said: ‘We are delighted to announce our acquisition of the Mörknässkogen wind project in Finland. Closing this transaction demonstrates Low Carbon’s ability to direct capital at scale into renewable energy infrastructure. Finland is a sought after European renewable market and we are proud to be increasing the country’s renewable power mix with affordable and clean wind energy.”
Financing partner for the project is the European infrastructure and energy financing specialist Kommunalkredit Austria AG, acting as Sole Mandated Lead Arranger in the EUR 5.6m warehouse facility, and has also been mandated for the project’s EUR 19m construction bridge financing.
John Weiland, Kommunalkredit’s Head of Banking commented “By combining the benefits of a warehousing facility with the funding certainty of a pre-construction bridge facility for this project, Kommunalkredit provided its client Low Carbon with utmost flexibility in light of their continuous growth plans. This demonstrates once more our client centric approach and sector expertise”.
About Low Carbon
Low Carbon is a leading renewable energy investment and asset management platform committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency. Low Carbon, a certified B Corp, has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. With a renewable energy pipeline of more than 5GW, Low Carbon are well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.