OX2 and Aquila Capital sign 43MW wind power deal in Finland

Press release ⎜2020-01-09

Ajos wind farm (42 MW) in Kemi, Finland was completed in 2017

Aquila Capital, a leading European manager of alternative investments, has signed an agreement with Nordic developer OX2 for the construction and asset transfer of the Korkeakangas wind farm with nine wind turbines in Karstula, Finland. The project is being constructed without government subsidies.

OX2 will be constructing the wind farm as part of an EPC contract. The farm is scheduled to be commissioned at the end of 2021. From then, OX2 will also be entrusted with responsibility for the technical and commercial management of the farm.

“The Finnish wind energy market continues to be a highly attractive investment destination for our institutional investors.” Susanne Wermter, Head Investment Management Energy & Infrastructure EMEA at Aquila Capital

Susanne Wermter, Head Investment Management Energy & Infrastructure EMEA at Aquila Capital, said:

“The Finnish wind energy market continues to be a highly attractive investment destination for our international institutional investors looking to diversify their portfolios across markets and types of energy production.”

The wind farm will comprise nine Nordex wind turbines and is estimated to produce an average of about 140 GWh per year.

Paul Stormoen, CEO of OX2 said:

“We are delighted to continue our successful collaboration with Aquila and to establish our fifth wind power project together.”

OX2 is currently constructing more than 1 GW of wind power in the Nordic region, 211 MW of which is in Finland.

Paul Stormoen, CEO of OX2 concludes:

“There is currently very strong demand for wind power in Finland and also in Sweden, where we build without government support, only on market terms and cheaper than anywhere else in Europe”.

“There is currently very strong demand for wind power in Finland ” Paul Stormoen, CEO of OX2
Facts about the project:
  • A total of nine wind turbines equivalent to just over 43 MW
  • Turbines selected are from Nordex, model N149 4.8 MW with a total height up to 230 metres
  • Rated annual production of about 140 GWh per year, corresponding to electricity consumption for approximately 28,000 households (5,000 kWh / household)
  • Planned commissioning in December 2021
  • The largest subcontractors are: Nordex (turbine supplier), KSBR (construction work), Fingrid (grid connection)
  • Legal advisor: DLA Piper

For more information, please contact:

Paul Stormoen

CEO OX2

+46 706 71 18 18 paul.stormoen@ox2.com