Ireland-based renewable energy company NTR has acquired the 86.8MW Pajuperänkangas wind farm in Finland from ABO Wind on behalf of the L&G NTR Clean Power (Europe) Fund.

The fund is a joint partnership between NTR and asset manager Legal & General Investment Management.

Based in Luxembourg, it invests in clean energy assets to support Europe’s decarbonisation strategy.

The project is located in the Haapajärvi municipality in the Northern Ostrobothnia province of Finland.

Construction on the Pajuperänkangas wind farm began in 2022 and completion is expected in late 2023 or early 2024.

The wind farm will feature 14 Vestas V162 turbines, each with a tip height of 250m. It will generate enough clean energy to power 36,800 Finnish homes.

The original developer, ABO Wind, secured financing for the project from German bank NORD/LB in September 2022.

The project is supported by power purchase agreements with Grundfos, a Denmark-based pump manufacturer, and Norwegian energy giant Statkraft.

Pajuperänkangas is the fund’s first wind farm investment in Finland, although NTR has been present in the country since 2019.

It is also the first transaction between NTR and ABO Wind. ABO will continue to fulfil an asset management role until 2033.

NTR chief investment officer Anthony Doherty stated: “It is hugely exciting to be diversifying into wind assets and entering a new geographical market for the fund, further expanding NTR’s presence in Finland.

“With the commercial operations date due in the coming months, the team has worked hard to ensure the timely delivery of this project, enabling significant contributions to the country’s clean energy transition as well as the potential to provide almost immediate returns to investors.

“Following the addition of three solar projects in Spain and a wind project in France earlier this year, we are continuing to hit significant milestones for the fund as we work closely with LGIM to deliver new clean energy projects across Europe.”