German insurance company Allianz is to acquire a 21MW wind farm in Lapua, Finland from renewables producer OX2, the firm announced today.
In Allianz' first foray into the Finnish market, the company is buying a planned six-turbine farm in western Finland, which when completed will generate 63GWh of clean electricity every year - enough to power 12,600 households.
The value of the deal - which is expected to close by the end of the month - was not disclosed. The move is the third wind farm deal Allianz has signed with OX2, following agreements relating to two more sites in Sweden totalling 105MW.
David Jones, head of renewables at Allianz, said entering the Finnish market marked the latest "milestone" in the investment giant's clean energy push.
"Finland is a promising European wind market and it will help us to increase and further diversify our renewables portfolio," he said in a statement.
OX2 will be responsible for the construction of the wind farm, which is expected to begin shortly and be completed by the end of the year when Allianz will take ownership of the project. Under the terms of the deal, OX2 will remain responsible for managing the site.
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