London-based Impax Asset Management – which specialises in investing in power generation assets in the renewable energy sector – has completed project financing on a Finnish wind parc and the acquisition of second project in northern Finland.
The Kuolavaara-Keulakkopää wind parc is the second project acquired by Impax New Energy Investors II (“Impax NEF II”) from Fortum and Metsähallitus. The wind park has 17 wind turbines with an expected installed capacity of 51 megawatts.
Meanwhile, the Joukhaisselkä wind park has nine turbines, with a planned installed capacity of 27 MW. It is located in the Sodankylä municipality and construction commenced earlier this year.
Impax’s new energy fund has €330 million of capital committed to investments in the renewable energy sector.
It is now over 65% invested in a growing portfolio of onshore wind power projects, including over 250MW in construction and operation in France, Germany and Poland, as well as solar photovoltaic investments in Italy.
Daniel von Preyss, Managing Director, Impax, said: “Finland is a key market for Impax and we target follow-on acquisitions as the market continues to grow.”
Founded in 1998, Impax Asset Management is one of the world’s first fund managers dedicated to investment opportunities in environmental markets created by resource scarcity and demand for cleaner, more efficient products and services through listed and private equity strategies.
Impax manages £2.5 billion (as at 31 March 2014) for investors globally.