CIP enters 1.8GW Finnish partnership

The deal concerns development of onshore wind farms for a total of EUR 2.3bn.
Photo: Ilmatar Energy
Photo: Ilmatar Energy
by MARKETWIRE, translated by kristoffer grønbæk

Copenhagen Infrastructure Partners, CIP, enters into partnership with Finnish Myrsky Energia about developing onshore wind farms with a total capacity of 1.8GW and a price of approximately EUR 2.3bn.

The 1.8GW power generation is equivalent to a third of Finland’s current capacity, writes Bloomberg News.

The partnership was made on behalf of flag ships funds CI I, CI II, CI II and CI IV.

This marks the first CIP investment in onshore wind in the Nordics. CIP partner Nischal Agarwal says in a press statement that Finland holds great potential for major onshore wind projects.

”We are pleased to partner with Myrsky who is a leading renewables developer in Finland and we look forward to our cooperation and combining our expertise to participate in Finland’s energy transition,” he says.

Finnish developer Myrsky is also pleased at the new partnership, says founder Tuomas Candelin-Palmqvist, highlighting that CIP will help accelerate Myrsky’s wind power projects over the coming years.

”On a global scale, Finland has unique onshore wind energy potential to produce renewable electricity. Green energy investments can create industry-scale business opportunities, local welfare, and employment as well as boost our energy security. Renewable energy is the new welfare industry for Finland,” he says.

Myrsky was founded in 2020 and currently has over 5GW of wind power and 2GW of solar power under development.

The framework agreement is also relevant for turbine manufacturer Vestas, which in December 2020 acquired a 25% stake in CIP through an investment of EUR 500m.

Sydbank’s Vestas analyst Jacob Pedersen subsequently assessed that the co-ownership could allow Vestas to increase its turbine sales to CIP.

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