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Wind Market Finland: KfW IPEX-Bank Finances Wpd Wind Farm

Bremen, Germany - At the end of March 2021, Bremen-based project developer and operator Wpd placed an order with wind turbine manufacturer Nordex for the delivery of the wind turbines for the Finnish onshore wind farm "Nuolivaara".

It is now clear that KfW IPEX-Bank will finance the construction and operation of the project. According to Wpd, KfW IPEX-Bank will contribute the entire debt capital as well as the required ancillary facilities.

The wind farm with a total capacity of 96.9 MW is being built north of the Arctic Circle, near the Finnish town of Kemijärvi. Seventeen Nordex N163/5.7 turbines from the Delta4000 series will be installed. The turbines are being supplied in the cold-climate variant with an anti-icing system with a view to long-term operation and high annual energy yields in view of the climatic challenges. In addition to supplying the turbines, Nordex will also be responsible for maintaining them. For Wpd, this is the fourth joint project with Nordex in Finland.

Completion and commissioning of the wind farm are scheduled for early 2023. The majority of the electricity produced will be purchased by two Finnish companies via power purchase agreements, with remaining volumes to be sold directly on the market, Wpd said.

"We are pleased to be assisting wpd europe with this wind farm and, in this way, to be jointly contributing to the energy transition", said KfW IPEX-Bank Managing Director Markus Scheer. He added that such a project shows that the generation of 'green' electricity is possible even under challenging local conditions. "As a bank, we want to support such technologies to help usher in the transformation towards sustainable and economically and ecologically sound development," Scheer added. "In the important growth market of Finland, we rely not only on a strong pipeline, but also on proven partnerships," emphasized Ralf Ketteler, head of international project finance at Wpd.

"Nuolivaara" is the third KfW IPEX-Bank transaction for Wpd Europe in Northern Europe and the fourteenth Scandinavian wind farm in total within 12 years to be financed by KfW IPEX-Bank. With the national company Wpd Finland Oy and a pipeline of approximately 1,000 MW, Wpd Europe has established a strong position in the Finnish market and plans to further expand it in the future.

Source: IWR Online, 30 Nov 2021