Global law firm DLA Piper has advised Santander Corporate & Investment Banking, as sole Underwriter, Bookrunner and Original Hedging Bank, on EUR600 million long-term construction financing of the Rajamäenkylä and Honkakangas onshore wind farms in Finland. The financing of the two farms, with a combined capacity of 472 MW, marks the largest such deal to-date in the Finnish market. Owned by OX2, with turbines supplied by Nordex, each project has a long-term power purchase agreement (PPA) with a multinational corporate offtaker.
The wind farms are expected to produce approximately 1.6 TWh of renewable energy annually once completed, with the Rajamäenkylä wind farm set to be completed in 2028 and the Honkakangas wind farm in 2027. The total investment amounts to over EUR700 million.
Fredrik Lindblom, partner at DLA Piper, commented: “To once again advise longstanding client, Santander, on this significant renewables financing is testament to the ever effective and collaborative nature of our global energy transition platform. A landmark deal for OX2, which adds Rajamäenkylä and Honkakangas to its independent power producer portfolio, this matter also builds on our team’s unparallelled track record for delivering complex renewables projects at the very top of the Nordic market.”
The cross-border team, led by Fredrik Lindblom, comprised of Antti Niemi (partner, Helsinki), Rubayet Choudhury (partner, UK), Charlotte Eliades (senior associate, London), Mark Valenzia (legal director, London), Jacques Camilleri (senior associate, Edinburgh), Salesh Premjith (associate, London) and Panu Punkari (associate, Helsinki).
