References/18 Dec 2020

Borenius advised OX2 on the acquisition of a 600 MW wind power development project portfolio

We advised OX2 on the acquisition of a wind power development project portfolio with project rights to build altogether 600 MW of wind power in Finland (100 wind turbines in total). The annual energy production of the completed wind farms will be approximately 2 TWh, and the investment value of the portfolio will exceed EUR 600 million. The largest and most advanced projects in the portfolio are located in Utajärvi (44 wind turbines) and Pieksämäki (29 wind turbines). Construction of the wind farms will begin once necessary permits gain legal force. The permit process for the grid connections is expected to be completed in 2022–2023.

OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2.3 GW of wind power in the Nordic region. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is located in Stockholm, Sweden. Sales revenue in 2019 amounted to EUR 463 million.

Tornator is a leading company that specialises in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania. In 2019, the Group’s net sales amounted to approximately EUR 106 million, and its balance sheet value was approximately EUR 1.8 billion. The Group has around 180 employees. The work capacity of Tornator’s own employees and other companies and their employees working on its forestland add up to approximately 1,000 person years. The owners of the parent company are Finnish, mainly institutional investors. Tornator’s mission is to generate sustainable well-being from forests.

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Christian Fogelholm



Emma Siitonen

Senior Associate