The projects, all located in western Finland, represent a major strategic milestone for OX2.Having historically followed a develop-build-sell model, these wind farms are among the first that OX2 intends to build, own and operate under its updated long-term ownership strategy.
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Natural Power was appointed to lead the full technical due diligence on all three assets.The scope included the preparation of bank-grade due diligence reports covering turbine supply and service agreements, balance-of-plant contracts, grid connection arrangements, energy yield assessments, design reviews, environmental and permitting considerations, financial model inputs review and Equator Principles compliance.
Natural Power worked closely with OX2 and its advisors to ensure the lenders' technical requirements were fully addressed prior to financial close. Collectively, the three projects will deliver more than 200MW of installed capacity, each utilising Vestas V162-6.XMW turbines from the EnVentus platform, supported by long-term service and availability agreements.All sites benefit from robust contracting structures based on established Finnish standards, as well as virtual power purchase agreements (PPAs) with a variety of off-takers providing long-term revenue certainty.The work also provided lenders with detailed risk assessments and recommendations to support investment decisions. Neil Marshall, Advisory Lead - Onshore Wind, European Consulting at Natural Power, said: "We're delighted to have supported OX2 in achieving this significant financing milestone.
These projects are well-specified, well-structured and underpinned by strong contracting and operational strategies. "The shift towards long-term ownership is an exciting evolution for OX2, and we're proud that our due diligence work has helped provide lenders the confidence needed to move these projects into construction.Our team is committed to supporting the acceleration of high-quality, low-carbon assets across the Nordic region, and this portfolio is a prime example of that." Matthias Taft, CEO, OX2 AB, said: "This investment is a significant addition to the energy supply of Finland, and I am proud of the work done to make these projects a reality.
The investment underlines our commitment to Finland and to being a long-term owner of renewable energy assets.
"The project is a substantial addition to our portfolio and an important step in our growth journey under the new strategy."
These three Finnish projects will now move ahead to construction following this successful financing round.
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