Impax Buys Finland Wind Farm From Fortum, Metsahallitus

Impax Asset Management Group completed the purchase of a wind energy project in Finland and the financing of a second.

Impax’s Energy Investors II fund bought the 51-megawatt Kuolavaara-Keulakkopaa wind park in the Kittila and Sodankyla municipalities from Fortum Oyj and Metsahallitus, the London-based company said in a statement on its website. The fund manager also closed the financing for the 27-megawatt Joukhaisselka project with Skandinaviska Enskilda Banken AB.

The terms of the deal with Fortum and Metsahallitus, first announced in September, weren’t disclosed, nor were the terms of the financing with SEB. The Impax fund, which closed in August 2011 with 330 million euros ($456 million) has now invested 65 percent of its money in renewable energy, including more than 250 megawatts of onshore wind in France, Germany and Poland, and solar investments in Italy.

“Finland is a key market for Impax and we target follow-on acquisitions as the market continues to grow,” Daniel von Preyss, a managing director at Impax, said in the statement.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Tony Barrett, Indranil Ghosh

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