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Fortum and Metsähallitus have announced that they have agreed to sell their Kuolavaara-Keulakkopää and Joukhaisselkä pre-construction stage wind power projects in Lapland to Impax New Energy Investors II (NEF ll), a fund managed by Impax Asset Management (Impax).
Fortum's share of the projects is 51% and Metsähallitus’s 49%. The Kuolavaara-Keulakkopää project is located in the Kittilä and Sodankylä municipalities. A wind park consisting of a total of 17 wind turbines with an output of approximately 50MW is planned for the area. The Joukhaisselkä’s wind power park of 8-10 turbines, with a planned output of about 25MW, is located in the Sodankylä municipality. Fortum and Metsähallitus have developed the projects jointly. The sellers are responsible for finalising the permitting of the projects. The transaction will be implemented in phases and the sale is expected to complete during the first quarter of 2014. Impax will raise project financing for the construction of the projects. The sale price and other terms are not disclosed.
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