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Finland

Allianz acquires Impax Finnish portfolio

FINLAND: Investment firm Impax Asset Management has sold its 107.7MW Finnish portfolio to an Allianz Capital Partners-managed fund.

Nordex N117 turbines are installed at two of Impax's three Finnish projects sold to Allianz Capital Partners
Nordex N117 turbines are installed at two of Impax's three Finnish projects sold to Allianz Capital Partners

"Our model is to buy, build and sell operational assets and this fund is now divesting and returning money to investors before we can raise further funds in the strategy," a spokeswoman told Windpower Monthly. The sales price is undisclosed.

The portfolio comprises three operating projects totaling 107.7MW from 35 turbines – a mix of Vestas and Nordex machines, according to Impax.

In 2013, Impax acquired its first two Finnish wind projects local developers

The projects are the 27MW Joukhaisselka project in Lapland, to the north of the country, which is powered by nine Nordex N117 3MW turbines.

Nordex also supplies the 51MW Kuolavaara-Keulakkopaa project, again in Lapland, with the same 3MW turbines.

Its third project is the 30MW Saarenkyla project in Northern Ostrobothnia, powered by Vestas turbines. 

Impax has a remaining wind portfolio in Europe of 250MW with projects in operation, construction or advanced development.

In October 2015, Impax sold 206MW of French and German projects to renewable energy firm ERG Renew.

According to its website, Allianz Capital Partners owns a portfolio of 60 wind projects — approximately 1.6GW — across Europe and the US.

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