Octopus has completed the purchase of 71.4-MW package of Finnish wind projects

Octopus Renewables Infrastructure Trust Plc announced that it has completed the purchase of a 71.4-MW portfolio of wind projects in Finland, marking the company's first foray into the Nordic country.

As part of a pipeline of properties for which it has exclusivity, the closed-ended investment company has executed an earlier agreed call option to purchase two wind farms. The assets were purchased for roughly EUR 140 million (USD 158.7 million) in total, including the option deposit and funds for the final construction costs.

The commissioning of the Saunamaa and Suolakangas wind farms in southwest Finland is nearing completion. When fully operational, their combined production will be adequate to power over 45,000 local homes while also reducing CO2 emissions by 68,000 tonnes per year.

The vendor — an unknown organization to which asset manager Octopus Renewables provides asset management services — is passed the residual construction cost and time risks associated with the power plants' commissioning, according to ORIT.

"It is especially attractive due to the near-term completion of the assets, and the further geographic diversification the acquisition brings to our portfolio," ORIT chairman Phil Austin said of the deal.

This is part of our Global Project Tracker Services. For more details about our services, get in touch here.