References/10 May 2019
Borenius advised Octopus Energy Investments on the joint venture with VALOREM regarding the Saunamaa and Suolakangas wind farms
Borenius, alongside Linklaters, advised Octopus Energy Investments on the entry into a joint venture with VALOREM for the construction and operation of the Saunamaa and Suolakangas wind farms in the South-west of Finland with a wind capacity of 71.4 MW. The project consists the construction of seventeen Vestas V150 4.2 MW turbines, with tip heights of up to 230 metres, and their total expected annual generation amounts to 280 GWh. These assets represent an investment of ca EUR 80 million.
Octopus is a UK-based investment business with ca GBP 7.7 billion of funds under management and expertise across a range of sectors, including renewables. Its move into Finland builds on the company’s track record in Europe and Australia, where it has attracted significant retail and institutional funds since entering the UK renewables market in 2010. Since then, Octopus has accelerated the growth of local renewables markets by providing flexible funding opportunities to support the development, construction and long-term management of assets.
As a green energy operator, the VALOREM group controls the entire process of developing renewable energies, from development to operation, including assistance with project management, construction and auditing. VALOREM pioneered wind power in France 25 years ago. VALOREM developed as a leading Independent Power Producer with 450 MW constructed or in construction. The asset and portfolio of Power projects was historically mostly wind powered but diversified into solar PV and more recently small Hydro. Now with 250 employees, VALOREM is headquartered in France and is also active in the Caribbean, Northern Europe, North Africa and Latin America. Since 2014, VALOREM is certified ISO 9001, ISO 14001 since 2015, and OHSAS 18001 since 2017. When developing projects, VALOREM dedicates special attention to environmental and social benefits towards local communities.