Aquila European Renewables Income Fund takes over 43.2 MW Korkeakangas wind project in Karstula

Aquila European Renewables Income Fund (AERIF) has approved the signing of an Share Purchase Agreement to acquire a construction-ready wind farm in Finland.

The company agreed to acquire 100% of the share capital of Korkeakangas Wind Oy, a Finnish company that owns project Korkeakangas for a total consideration of EUR36.7 (US$40.6) million, subject to certain conditions that are expected to be fulfilled by end of March 2020.

Project Korkeakangas is a ready-to-build onshore wind farm construction project, located in Karstula, Central Finland. The company anticipates that the construction work will begin in January 2020 and following expected completion, will be fully operational in December 2021. The wind farm is expected to have an operating life of 30 years with a total capacity of 43.2 MW. The planned PPA strategy for this project will target an initial PPA for a tenor of 10 years that covers 65% of the expected P-50 production volumes.

Project Korkeakangas will help to save 56,473 tons of CO² emissions annually and will produce enough electricity to meet the demand of 15,699 households.

Upon completion of this deal, the fund will have deployed approximately 95,2% of the funds raised in the recent IPO.