Octopus Renewables Infrastructure snaps up Finnish windfarms for €140m

Octopus Renewables Infrastructure has snapped up two onshore wind farms in Finland for around €140m, as it expands into ‘new territory’.

The figure includes the acquisition as well as the payments from its final construction stages, and forms part of Europe’s plan to transition to sustainable energy sources.

The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW – and are expected to generate enough energy to power over 45,000 homes in Finland.

It should also avoid creating around 68,000 tonnes of carbon emission every year, Octopus said in a regulatory filing today.

“We are pleased to complete this transaction in Finland, acquiring two onshore wind farms, Saunamaa and Suolakangas, expanding our reach into an exciting new European territory,” chairman Phil Austin said.

“It is especially attractive due to the near-term completion of the assets, and the further geographic diversification the acquisition brings to our portfolio.”

It follows the signing of a 10-year deal with a Swedish wind farm, which it agreed in late November.

The Power Purchase Agreement should see a guaranteed minimum price for power generation over the next decade, Austin explained, while also providing “sustainable and attractive levels of income” in the wake of COP26.