Japan's Eurus Energy acquires 27.5 MW wind farms in Finland

Eurus Energy Holdings Corporation, a Japanese renewable energy company, has announced the successful completion of the acquisition of two wind farms in Finland from a joint venture of Maas Capital Renewables, a dedicated investor in renewable energy, 100% owned by ABN AMRO Bank N.V., and YARD ENERGY, a Dutch based developer of wind energy projects.

The two wind farms, Kankaanpäänmäki and Mustaisneva, are located in the Finnish region of Etelä-Pohjanmaa (Southern Ostrobothnia), about 300km to the north of Helsinki. The wind farms, with a total capacity of 27.5 MW, consist of 11 Lagerwey L100-2.5MW direct drive wind turbines with innovative modular steel towers. Maas Capital Renewables and YARD have successfully realized the construction of the two projects under the turnkey contract with Lagerwey.

Eurus was advised in this transaction by Peregrine as financial advisor, Baker & McKenzie and Hannes Snellman as legal advisors, and PwC as tax advisor. Maas Capital Renewables and YARD were advised by Stek and Krogerus as legal advisors.

The two wind farms are Eurus’s first projects in Finland, and now extend the Eurus global operational renewable project portfolio to 10 countries.

The Finnish government aims to increase the share of renewable energy to more than 50% by 2030, and is currently preparing a new support scheme to achieve this goal.

Kevin Dijkers, CEO of YARD said:

“The close co-operation of YARD with the ‘Orange team’, comprising of Maas Capital Renewables as equity partner and the Rabobank - Atradius combination for debt financing, was instrumental in the successful construction of the wind farms using state-of-the-art Lagerwey wind turbines. We are confident that our new partnership with Eurus will lead to tremendous growth and success in Finland, along with other European countries.”

Hideyuki Inazumi, President and CEO of Eurus Energy Holdings, said:

“We believe the new support scheme will pave the way for steady growth of wind power in Finland. We are glad to enter the Finnish market with these two excellent projects, and will seek further opportunities in Finland as part of our growth strategy in Europe.”