May 3 (Renewables Now) - French wind power developer Valorem and UK onshore renewables investor Octopus yesterday announced they are starting construction of 71.4 MW of joint onshore wind projects in Finland.
The Saunamaa and Suolakangas projects in southwestern Finland have been developed by Valorem in partnership with Megatuuli Oy, a local wind project developer owned by its employees. Following Octopus' investment, the French company will now keep a minority stake in the projects.
“We have been able to take advantage of a site with very good characteristics which will allow us to sell electricity directly to the market,” said Jean-Yves Grandidier, founder and president of Valorem. A net capacity factor of around 45% is expected.
The partners will invest about EUR 80 million (USD 89.5m) to build the parks, which will have 17 Vestas V150 4.2 MW turbines. Valorem will be responsible for the construction and operation through subsidiaries Valrea and Valemo and with Megatuuli’s support.
The wind farms are planned to enter commercial operation by late 2020. The annual power output is estimated to be 280 GWh.
This is Valorem’s first investment and construction in Finland. It is also Octopus’ first Nordic transaction and its first involvement in an unsubsidised onshore wind project.
(EUR 1 = USD 1.12)