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10 October 20232 minute read

DLA Piper advises NTR on significant windfarm acquisition in Finland

DLA Piper has advised long-standing client and leading renewable energy specialist NTR on its acquisition of the Pajuperänkangas windfarm on behalf of its L&G NTR Clean Power (Europe) Fund. The Fund is a joint partnership between Legal & General Investment Management (LGIM), one of the world’s leading asset managers and NTR.

Situated in the Haapajärvi municipality of Finland’s Northern Ostrobothnia province, the 86.8 MW Pajuperänkangas windfarm has been in construction since 2022 and is scheduled to achieve commercial operations in the coming months. The asset is the Fund’s first windfarm investment in Finland, although NTR has been active in the country since 2019. DLA Piper has previously advised NTR on portfolio acquisitions in the region. 

Acquired from ABO Wind AG, a German renewable project developer, the windfarm will provide clean energy for the equivalent of 36,800 homes across Finland once fully operational. Purchase power agreements (PPA) are in place with Grundfos, the Danish pump manufacturer, and Statkraft AS, the Norwegian energy generator. Financed by NORD/LB, one of the leading German commercial banks, this latest acquisition through the L&G NTR Clean Power (Europe) Fund will feature 14 V162 wind turbines manufactured by Vestas Wind Systems with a tip height of 250 metres, enabling critical clean energy supply and supporting the region in its decarbonisation targets.

Natasha Luther-Jones, International Head of Sustainability and ESG, and Global Co-Chair of the Energy and Natural Resources team at DLA Piper, comments: “We’re excited to have advised NTR, through its L&G NTR Clean Power (Europe) Fund in this latest wind acquisition having advised NTR on previous transactions across Europe. It’s pleasing to see that the DLA Piper team continues to advise on some of the Nordics’ most significant renewables deals.” The DLA Piper Team advising the Fund on the matter was led by Natasha Luther-Jones and Helsinki-based partner Antti Niemi and supported by senior associate Tom Metcalfe, legal director Laura Gordon, senior associates Jacques Camilleri, Emma Whitfield and Ida-Sofia Antinluoma, as well as associates Johanna Smalén, Panu Punkari and Marcus Kremer, partner Cornelius Frie, senior associate Gabriela von Wietersheim, associate Julia Kolbe and trainee solicitor Victoria Evans.