Statkraft, Europe’s largest generator of renewable energy, and Aquila Capital, a German real asset investment manager, have signed the companies’ first power purchase agreements (PPAs) in Finland.

These are long-term PPAs starting in 2022 in which Aquila Capital will provide Statkraft with 100% green electricity from two wind farms at competitive price levels. The wind farms are currently under construction and are expected to be completed in late 2021 and early 2022. When completed, the wind farms will have a total installed capacity of 111.6 MW. Once they are connected to the grid, these plants are expected to produce more than 350 GWh/yr of wind energy.

“The power generated by the wind farms will be used to supply our industrial and commercial customers. We are proud to be able to respond to the specific demands of renewable energy buyers. The agreements with Aquila Capital enable us to fulfil these needs, now also in Finland,” says Arne Kolbeinstveit Wist, Head of Origination and Portfolio Management Nordics at Statkraft.

Aquila Capital’s relationship with Statkraft in the Nordic countries has been ongoing for many years and it has resulted in important operations such as Aquila’s acquisition of Småkraft AS in 2015. After signing the first agreement in Spain earlier in 2021, Statkraft and Aquila Capital are now continuing the co-operation by entering the Finnish market.

“We are very pleased to have signed these PPAs with our long-standing strategic partner Statkraft. This agreement will allow us to continue the expansion of renewables in Finland, which supports our ambition to drive the energy transition forward,” says Lars Haavik, Director Power Markets Nordics at Aquila Capital.