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Finland

Finland

European Energy sells 17.25MW of Finnish capacity

FINLAND: Developer European Energy has sold three projects in Finland to Luxembourg-based fund FP Lux Investments.

The three projects will have five Vestas V126-3.45MW turbines in total
The three projects will have five Vestas V126-3.45MW turbines in total

The fund is administered by asset manager Re:cap. It has acquired three projects with a total of five Vestas V126-3.45MW turbines and a combined capacity of 17.25MW.

The projects are still under construction but due online in the second quarter of 2017.

It is the fund's first investment in the Finnish wind sector, which Re:cap said was an attractive market due to the country's favourable support system.

Erik Andersen, CEO of European Energy, said: "Successful divestments allow us to pursue new possibilities, and to supply even more homes with green electricity."

Re:cap said the Finnish government is targeting an increase of the overall share of energy from renewable sources to 50% by 2020.

"This target cannot be met without a strong increase in wind energy. We therefore assume that it will continue to be subsidised in the future," Re:cap managing director Thomas Seibel said.

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