Overall, the scope of work covered permits and environment, energy yield, project agreements (TSA, O&M, EPC & asset management), turbine technology, electrical design, grid connection, CAPEX and OPEX, and corporate Power Purchase Agreement (PPA) signed with Google.
The technical due diligence was executed by Ramboll’s experts from Germany, Finland, and Sweden. Together they delivered outstanding results, placing Ramboll as key advisor during the negotiations.
“Although we had a very well-defined scope of work, we got more and more involved in the negotiations. All the parties implicated in the transaction praised our performance and I can only be happy and proud. Even the counterparty (seller) stated that our contribution significantly improved the contract design and the overall project quality”, says Joachim Binotsch, Business Developer, Onshore Wind.
Glennmont Partners, one of Europe’s largest clean energy fund managers, acquired Project Piiparinmäki, a 211.4 MW wind farm, from Ilmatar Energy. The wind farm benefits from a Corporate PPA with Google covering a significant portion of the total production.
DekaBank Deutsche Girozentrale acted as sole underwriter of the senior debt package. DekaBank is one of the most active project finance lenders in the Nordic market having provided financing for a total of 850 MW onwhore wind farms that are underpinned by Corporate PPAs, including Piiparinmäki.
“We are thrilled to have been able to support DekaBank in this transaction. I am proud of my team as the project had a very demanding timeline, required a high level of expertise, and maximum dedication in terms of time and effort”, Joachim added.
Piiparinmäki onshore wind farm, located in central Finland, is ready to build with construction commencing in October this year. It will be powered by 28 Vestas EnVentus V150-5.6 MW and 13 V150-4.2 MW. Once operational, Piiparinmäki will be the largest wind farm in Finland, a significant wind power asset in the Nord Pool area, and one of the largest unsubsidised wind farms in Europe.