Aquila European Renewables to acquire 34.5 MW li Olhava wind farm in Finland
Aquila European Renewables Income Fund (AERIF) has secured the exclusive right to acquire a 34.55 MW Finnish wind farm. The fund has entered into a short-term financing agreement, which enables it to acquire Aalto Wind No 2 Ltd Oy, the company that owns Ii Olhava wind farm and its extension.
The final consideration for Aalto is around 15.5% of the proceeds raised from its initial public offering in May 2019.
The Ii Olhava wind farm and its extension qualify for the Finnish feed-in tariff support scheme, structured as a contract-for-difference (CfD). Project Olhava is eligible for the CfD premium for approximately five more years. The Olhava Extension is eligible for approximately six more years until September 2025.
The parks also have guarantees of origin certificate eligibility, and each wind park gets one certificate per megawatt hour. Aquila European plans to enter a guarantee of origin puchase agreement for up to five years to increase hedging of its market price exposure.
The power purchase agreements for Aalto are to conclude as soon as market conditions and hedging solutions are feasible.
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