03.10.2014

Germany’s KfW Group finances Finnish wind farm with EUR 100 million loan

Finland is a key European growth market for renewable energy, according to KfW IPEX-Bank.

Germany’s KfW IPEX-Bank is supporting the construction of the Kuolavaara-Keulakkopään Tuulipuisto Oy (known as “Kuke”) wind farm in Finland with a loan of approximately EUR 100 million. Located in the Lapland region in northern Finland, the farm will have a total output of 51 MW and will comprise 17 wind turbine generators of the type N117-3000 supplied by the German manufacturer Nordex.

“Kuke is the first wind farm project we are financing in Finland. It is an important step for us since Finland is a key European growth market for renewable energies,” said Markus Scheer, member of the Management Board of KfW IPEX-Bank. “The ambitious goals for expanding environment-friendly energy generation provide specialists like Nordex with good sales opportunities – a business that we like to support in our role as bank partner.”

Major role for wind energy in Finland

In addition to erecting the 120-metre-high turbines, Nordex will also be in charge of the operation and maintenance of the wind farm for the first five years. The project sponsor is the English company Impax Asset Management, a leading resource efficiency and environmental markets investor. Construction work on the Kuke wind farm has already started, and grid connection is expected during 2015.

Given its climatic conditions and energy-intensive industry, Finland has the highest per-capita energy consumption in Europe, according to KfW IPEX-Bank. In line with EU requirements, Finland has set itself the goal of covering 38% of its energy consumption with renewable energy by 2020, and wind energy is to play a major role in meeting this goal.

Source: KfW IPEX-Bank