Facts & Figures
Wind farm KKPM
Wind farm Black Swamp
Industry expertise needed to catch-up Finnish wind energy market
The Finnish wind energy market lags behind the rest of Europe and is expected to grow significantly since the feed-in tariff for 2,500 MW of new wind capacity was passed in the first quarter of 2013. In 2013 three local Finnish developers had advanced their wind energy projects to late-stage development; financing and construction the challenges remaining. The developers needed to find an experienced partner to assume 100% ownership, construction, and asset management of the projects. An all-round partner with a track-record in small to medium-sized project realization was not readily available in the local market.
Joint venture for a custom-fit finance, construction and management solution
PF YARD ENERGY Investments, a joint venture between YARD ENERGY and Maas Capital (a subsidiary of ABN AMRO bank), was established to finance, build, and manage the three Finnish projects. In addition to the two equity investors, additional capital was raised by offering short-term bonds to private investors. The project financing was arranged with Rabobank and credit risks were insured with Atradius.
Close co-operation led to safe and efficient project realization
As a result of collaboration between local developers and PF YARD ENERGY, the risks and requirements of project permits and finance were structured and approved within twelve-months. YARD ENERGY’s project planning expertise ensured that construction started the very next day. Kevin Dijkers, Managing Director of YARD ENERGY said, “We have developed twelve similar wind farms in the Netherlands with a small team of in-house experts. Experience, co-operation with local stakeholders, and thorough preparation led to safe and efficient project realization in Finland.”
On-time and on-budget
Despite working in an unfamiliar Finnish regulatory framework, the first wind farm was constructed on-budget within the industry-standard twelve-month timeframe. Notably, the project team realized three of the highest wind turbines in Finland (hub height). Animesh Ranjan, (Director Investments), YARD ENERGY explained, “We invested time to understand the local legislature and became very familiar with the Finnish business and regulatory culture. Now we’re one of a few small to mid-sized companies that has realized a wind energy project in Finland.”
Growing expertise and interest in additional wind projects in Finland
Jouko Putkonen, the Finnish developer of the KKPM wind farm said, “It took three meetings to build a wind farm with YARD ENERGY - one at the start, one at ground breaking and one at the opening.” Putkonen continued, “This smooth first experience is one of the reasons we will realize additional wind farms with YARD in the future.”
For more information please contact: Kevin Dijkers