We advised Neoen on the acquisition of 80% of the 53 MW Lumivaara wind farm in Hyrynsalmi, in the central region of Kainuu in Finland, from Prokon, and the formation of an 80/20 joint venture regarding the wind farm between Neoen and Prokon. The parties have entered into a new power purchase agreement with Equinix that covers 80% of the Lumivaara wind farm. The construction of the wind farm is due to begin in 2023, and the wind farm is expected to be commissioned in early 2025.
Neoen has been present in Finland since 2018 and it has built up a large portfolio of assets, including the Hedet wind farm (81 MW) and Yllikkälä Power Reserve (30 MW / 30 MWh battery storage), both now in operation, as well as the Mutkalampi (404 MW) and Björkliden (40.4 MW) wind farms, which are currently under construction. The Lumivaara wind farm (53 MW) reaffirms Neoen’s status as one of the country’s leading and fastest growing renewable energy producers, with around 600 MW of secured capacity in the country.