Renewable energy producer Enefit Green has finalised the sale of its Tolpanvaara onshore wind farm in Finland to the TD Greystone Infrastructure Fund, part of TD Asset Management. The transaction, valued at approximately EUR83mn ($89.67mn), is part of a strategic reorganisation to concentrate the company’s operations in its core markets: the Baltic states and Poland.
Located around 30 kilometres from Pudasjärvi, the Tolpanvaara site includes 13 Nordex turbines with an installed capacity of 76 MW and a grid export capacity of 72 MW. Completed in spring 2024, the site is capable of generating up to 250 GWh of electricity annually. Built on state-owned land managed by Metsähallitus, the project reached a final investment decision in December 2021.
Strategic shift for Enefit Green
The Estonia-based company sees this sale as a way to reinforce its integrated value chain within its primary markets. “Tolpanvaara is Enefit Green’s only wind farm in Finland. This divestment allows us to focus on our home markets where the opportunities to develop an integrated model are strongest,” said Juhan Aguraiuja, Chairman of the Management Board.
Arctic Securities AS acted as sole financial advisor to Enefit Green, while law firm Borenius provided legal support. On the buyer’s side, several entities participated in the transaction, including KPMG Finland, KPMG Canada, KPMG Luxembourg, MAQS Advokatbyrå, Lieke Attorneys, and law firm Loyens & Loeff.
Expansion of Nordic presence
The TD Greystone Infrastructure Fund, a long-term infrastructure investor, holds a substantial renewable energy portfolio across Northern Europe. Operations of the site will be handled by Rabbalshede Kraft AB, a Swedish renewable energy company active in project development and operations since 2005.
“This acquisition strengthens our long-term presence in Finland and complements our Nordic portfolio,” said Peter Wesslau, Chief Executive Officer of Rabbalshede Kraft. He noted that further development will be pursued in close cooperation with local stakeholders.
The transaction marks a significant step in Enefit Green’s regional focus strategy, consolidating its presence in markets where it already holds extensive production capacity and a solid customer base.
