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Glennmont and Ilmatar celebrate official opening of 211MW Piiparinmäki onshore wind project

September 28, 2022

Today (Wednesday 28 September) the 211MW Piiparinmäki onshore wind project in Finland was officially opened by the former Finnish Prime Minister and current Speaker of the Parliament, Matti Vanhanen. Glennmont Partners from Nuveen (“Glennmont”), one of the world’s leading fund managers investing exclusively in clean energy, have worked in conjunction with developer Ilmatar Energy on Piiparinmäki since they acquired the project in 2019.

Cutting the ribbon to declare Piiparinmäki wind farm officially open

Matti Vanhenen, former Prime Minister of Finland officiated at the opening ceremony of Piiparinmäki wind farm

The Finnish onshore wind farm, which entered commercial operation in June, is one of the largest constructed unsubsidised wind farms in Europe and is a key wind power asset in the Nord Pool region, providing vital infrastructure to support the green energy transition. Its opening marks a significant milestone for Glennmont’s third Clean Energy strategy. Glennmont have joint ownership in Piiparinmäki, alongside their partners Kansai Electric Power Company, who are involved in the project as a minority stakeholder after purchasing a 15% stake in 2020.

Located in the regions of Kainuu and North Ostrobothnia, the project has been constructed using wind turbine technology from Vestas, including 13 V150 4.2MW wind turbines, and 28 V150 5.6MW turbines, at a hub height of 150m. Piiparinmäki has partnered with Google to offtake generation from 24 of the 41 turbines through a 10-year Power Purchase Agreement; the remaining generation being sold through a merchant agreement with Vattenfall.

Glennmont has worked closely with Ilmatar Energy; the project’s developer, who provided an important role in the Balance of Plant contracting and provision of construction management services at the site. Day-to-day operations will be provided by Ilmatar Service as the technical and commercial management agent, with oversight from Glennmont’s Asset Management team.

As part of their ongoing management of the project and support of local ESG initiatives, the owners have established a community benefit scheme. This will provide €100,000 per annum to support local projects that improve the lives of those living near the Piiparinmäki Wind Farm through environmental, social and economic initiatives.

Peter Dickson, Founding Partner at Glennmont Partners said:

“We are delighted to be celebrating the official opening of Piiparinmäki. This wind farm will serve as a vital component in Finland’s clean energy mix. For the project to achieve this milestone is a brilliant tribute to all the hard work of our partners and project team who have helped us reach this point.

“The role of wind power and other renewable technologies in providing energy security and delivering low carbon power is more important than ever before, and at Glennmont we look forward to advancing more projects in the Nordic region following Piiparinmäki’s success as we grow our business in this market.”

Ilmatar Energy’s CEO Juha Sarsama said:

“This is a significant milestone moment for Ilmatar Energy. We are extremely proud that we’ve built the largest wind farm in Finland and one of the most significant renewable energy sources in the Nordics. We are a vanguard of Northern European renewable energy production, and Piiparinmäki is a strong example of our capabilities.”

Former Finnish Prime Minister and current Speaker of the Parliament, Matti Vanhanen said:

“Wind power has quickly become a significant part of our country’s energy supply. At the same time, investments related to wind power, their jobs and property tax revenues are mainly directed to areas where it is otherwise difficult to get significant investments and jobs. The Piiparinmäki wind farm strengthens the reputation of the whole of Finland as a country where energy users know that they are participating in the green transition and replacing fossil fuels. Especially right now – at the time of the Russian war – the work to implement Piiparinmäki has also been a very patriotic and European act.”

Ismo Mäkeläinen, the mayor of Pyhäntä said:

“The Piiparinmäki wind farm is the most significant wind farm built in Finland. We started the project development in 2012, and during this time wind power in Finland has developed into a market-based business that brings vitality to provinces and municipalities. Now we are facing yet another era, in which wind power as a renewable energy is at the center of Finland’s climate actions.”

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