Forestry company Tornator and OX2, the largest onshore wind power company in Europe, have agreed on the sale of a significant wind power portfolio. In the now confirmed transaction, Tornator will sell the project rights to OX2 to build a total of 600 MW of wind power in Finland. The total annual energy production of completed wind farms will be approximately 2 TWh.
The transaction includes project rights of approximately 100 wind turbines in total. The largest and most advanced projects in the portfolio are located in Utajärvi and Pieksämäki, Finland. The Utajärvi project consists of 44 wind turbines and the Pieksämäki project consists of 29 wind turbines. Construction of the wind farms is will begin once the plans become final. The permits for network connections are expected to be completed in 2022–2023. Tornator will continue as a landowner in the project areas.
"Tornator took another important step to mitigate climate change. Cooperation with OX2, a leader in the field, enables the construction of wind power on our lands, which further strengthens our responsibility objectives. We have been developing these projects for a long time, and now was the right time to sell them to skilled hands to build the wind farms," says Henrik Nieminen, CEO of Tornator.
"Tornator leases the land of the projects areas to a new owner, so in addition to sustainable forestry, wind power will support both our business and our efforts towards a fossil-free future," Nieminen continues.
The total investment value of the portfolio will exceed Euro 600 million. Approximately 20% of the investments, Euro 120 million, will remain in the economic area mainly through the construction of the land and electricity network, as well as accommodation and other services.
Tornator is a leading company specialised in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania.
