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Wind power company CPC Finland and Finnish energy group Helen (municipal energy company of the city of Helsinki) have entered into a joint venture (40% CPC, 60% Helen) for construction, owning and operating the 86 MW Lakiakangas 3 wind farm in Western Finland. The construction has been commenced and the wind farm is scheduled to be commissioned during the last quarter of 2021.
The Lakiakangas 3 wind farm consists of 20 Vestas V150-4.3 MW turbines and is located in the municipalities of Kristiinankaupunki and Isojoki in Finland. The non-recourse project financing for the project is provided by OP Corporate
In an additional project, the joint venture will build and operate an approx. 31 km long overhead power line from Fingrid’s Kristiinankaupunki substation to the Mansikkamäki and Tupaneva substations. The 110kV overhead power line
is currently under construction and will be commissioned in August 2021.
“We are very happy to have Helen as our partner in operating the Lakiakangas 3 wind farm. This is our third and so far biggest wind farm construction in Finland. The joint venture is a real win-win set-up with compensatory strengths for long term success. OP Corporate Bank’s precise yet pragmatic approach during the financing process was also exemplary for the project
success,” says Erik Trast, the Managing Director of CPC Finland Oy.
“The Lakiakangas 3 wind farm is a significant investment, and it supports Helen’s target of carbon-neutral energy production in 2035. Our business customers are extremely interested in the new way of acquiring wind power from a designated wind park. This way Helen will make the possibilities of a new energy era even more widely accessible to everyone. By combining forces with CPC, we are taking another major step towards a carbon-neutral future,” says Harri Mattila, a Director at Helen.
“The Lakiakangas 3 wind farm is an important sustainable investment in the Finnish energy market underlining OP’s commitment to green financing. It was a great pleasure working with an experienced international project developer CPC and a leading Finnish municipal utility company Helen,” states Laura Hakamies, Head of Corporate Lending and Capital Market Financing of OP
Corporate Bank, the sole bank financing provider for the project.