Infracapital has begun approaching the market regarding the sale of its PPA-backed, 60 MW Finnish onshore wind portfolio, it is understood.

The UK fund manager acquired the Ostrobothnia-located Kröpuln and Storbacken schemes which make up the portfolio from OX in 2019 and brought them online in 2021.

Infracapital has mandated SEB as financial advisor on the transaction, with teasers now issued and a first round of bidding anticipated to run through to late March 2025, according to market sources.

Sweden-based OX2 secured long-term PPAs with Swiss energy trader Axpo for the two projects in summer 2019 around the same time as selling them on to Infracapital.

Under the terms of the offtake deals, Axpo will acquire 100% of the energy produced by the portfolio for the first 10 years of operation.

PPA prices were not disclosed, but were believed at the time to be in the region of EUR 30/MWh.

Infracapital is understood to have raised a project finance package from SEB to support construction of the two wind farms, which had a projected combined capex of circa EUR 70m.

OX2 has continued to act as the portfolio’s asset manager throughout construction and operations under a bespoke engineering, procurement and construction (EPC) contract.

Infracapital declined to comment.

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