07/20/2023

Glennmont agrees purchase of 30MW Finnish onshore wind farm from clearvise

Glennmont Partners from Nuveen (“Glennmont”), one of Europe’s largest clean energy investment fund managers, have agreed to purchase a 30MW onshore wind portfolio in Finland from independent power producer clearvise AG (“clearvise”).

The agreement will see Glennmont acquire two onshore wind farms in the Northern Ostrobothnia region of Finland, totalling nine turbines between them. The technology employed in the project is Vestas V126 turbines, each of which will generate 3.3MW of power.

The project builds on Glennmont’s expertise in the Finnish market following their development of the 211MW Piiparinmäki wind farm, one of the largest constructed unsubsidised wind farms in Europe and a key wind power asset in the Nord Pool region which reached commercial operations in the Summer of 2022.

Joost Bergsma, CEO at Glennmont Partners from Nuveen said: “This agreement with clearvise marks another positive investment in Finland and the Nordics, after successful recent activity in the onshore wind and battery storage sector.

“It has been excellent working with the team at clearvise on this deal, and we now look forward to realising further investment opportunities in this region and across Europe – accelerating the rollout of low-cost clean energy and helping our investors to further decarbonise their portfolios.”

Petra Leue-Bahns, CEO at clearvise AG said: “We are pleased to have completed this transaction with Glennmont, which secures the future of this 30MW portfolio. For clearvise as a small independent power producer it is important to focus our resources and follow a clear strategy. It has been fantastic to enhance the deployment of onshore wind in Finland with this project and we now look forward to continuing supporting the development of renewables technology across Europe.”

The agreement marks a further expansion of Glennmont’s operations in Finland and the wider Nordics region. Since the opening of the 211MW Piiparinmäki onshore wind farm in late 2022, Glennmont have announced the development of a 30MW battery storage project in the region with Ilmatar and Alfen. Glennmont also entered the Swedish market last year with a 47MW onshore wind portfolio as part of their European Core Renewable Infrastructure strategy.