KfW IPEX-Bank is providing funds for the construction and operation of Nuolivaara near the Arctic Circle
25 November 2021 10:14 Onshore Wind [Image: Nordex]
WPD Europe has secured financing for a 97MW wind farm project in Finland.
KfW IPEX-Bank is financing the construction and operation of the northern Finnish Nuolivaara wind project and is contributing all of the debt capital as well as the necessary ancillary facilities.
The project is located north of the Arctic Circle near the Finnish town of Kemijarvi.
The completion date and start of operation are scheduled for early 2023.
A large portion of the green electricity will be purchased by two Finnish companies via baseload offtake agreements, while the remaining volume will be sold directly on the spot market.
The project will feature 17 Delta4000-series N163/5.7 turbines made by German manufacturer Nordex.
The turbines are cold-climate versions and equipped with an anti-icing system, making constant operation and high yearly energy yields possible despite the challenging climatic conditions.
Nordex is responsible for both the supply and the maintenance of the turbines.
Nuolivaara is WPD’s fourth joint project with Nordex in Finland.
Nuolivaara is KfW IPEX-Bank’s third transaction for its long-standing core customer WPD Europe in the Nordics and the fourteenth Scandinavian wind farm financed in the last 12 years.
WPD Finland has a pipeline of 1000MW in the country.