References/23 Nov 2021
Borenius advised OX2 on the EUR 650 million divestment of the Lestijärvi wind farm to a Finnish energy consortium
We advised OX2 on a EUR 650 million divestment and construction transaction regarding the Lestijärvi wind farm. With the transaction, OX2 sells the Lestijärvi wind farm to a Finnish energy consortium comprised of Kymppivoima, Oulun Energia and Kuopion Energia, and undertakes to construct the wind farm under a tailored fixed price agreement.
Once operational, the Lestijärvi wind farm will be the largest ever in Finland and among the largest onshore wind farms in Europe in 2021. The wind farm comprises 69 turbines totalling 455.4 MW, and its estimated annual output of approximately 1.3 TWh corresponds to about two per cent of the total annual electricity production in Finland.
OX2 acquired the wind farm project rights in February 2021. OX2 will also construct significant grid infrastructure to connect the wind farm to the main grid, including a substation and 58 kilometres of 400 kV transmission line. Once commissioned, OX2 will be responsible for the technical and commercial management of the project under a 15-year agreement, optimising the production and supervising its safe operations. The wind farm is scheduled to be completed in early 2025.
OX2 develops and sells wind and solar farms. OX2 has taken a leading position in large-scale onshore wind power since 2004 and has developed and sold approximately 2.5 GW in Sweden, Finland, Norway and Poland to clients such as Allianz, Ardian and IKEA.
Between 2014 and 2020, OX2 realised more onshore wind power in Europe than any other developer. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Finland, France, Italy, Lithuania, Norway, Poland, Romania and Spain with headquarters in Stockholm, Sweden. Sales in 2020 amounted to SEK 5,201 million with an EBIT of SEK 416 million. OX2’s shares are listed on Nasdaq First North Premier Growth Market.