Enefit Green has signed an agreement to sell its Tolpanvaara wind farm in Finland to TD Greystone Infrastructure Fund, marking a strategic step in focusing on the Baltics and Poland markets. Rabbalshede Kraft AB will be managing Tolpanvaara on behalf of TD Greystone Infrastructure Fund.
'Tolpanvaara is Enefit Green’s only wind farm in Finland. As we do not plan to expand in the Finnish market, we have decided to divest the asset. Our focus is on building an integrated electricity business, where production, portfolio management and sales operate as a single value chain. This transaction allows us to concentrate on our home markets – the Baltic states and Poland – where we have a large production portfolio, a solid customer base and the best opportunities to develop an integrated business model,' said Juhan Aguraiuja, Chairman of the Management Board of Enefit Green.
'This acquisition complements our Nordic portfolio and strengthens our long-term presence in Finland. We look forward to further developing the projects in close dialogue with local communities, partners, and landowners,' says Peter Wesslau, CEO of Rabbalshede Kraft.
The transaction value is approximately EUR 83 million. Arctic Securities AS, a Nordic investment bank, acted as the Sole Financial Advisor to Enefit Green on the transaction. Borenius acted as the Legal Advisor to Enefit Green on the transaction.
Tolpanvaara onshore wind farm with an installed capacity of 76 MW and a grid export capacity of 72 MW located approximately 30 kilometres from Pudasjärvi on state-owned land managed by Metsähallitus. The project comprises 13 modern Nordex turbines, capable of generating nearly 250 GWh of renewable electricity annually. Enefit Green made the final investment decision in December 2021, and the wind farm was completed in spring 2024.
KPMG Finland advised, and MAQS Advokatbyrå and Lieke Attorneys acted as legal advisor to Rabbalshede Kraft. KPMG Canada, KPMG Luxemburg and Loyens & Loeff advised the TD Greystone Infrastructure Fund.
The buyer is TD Greystone Infrastructure Fund, part of TD Asset Management – the asset management arm of one of Canada’s leading financial institutions. The fund is a long-term infrastructure investor with a strong renewable energy footprint across Northern Europe. Rabbalshede Kraft AB, founded in 2005 and headquartered in the Rabbalshede/Tanum region in Västra Götaland, Sweden, is a renewable-energy company primarily focused on developing, constructing, and operating renewable energy.
Source: Enefit Green
