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Glennmont buys Google-backed wind farm in Finland

Clean energy fund manager Glennmont Partners has acquired the 211.4-MW Piiparinmäki wind farm in Finland from Ilmatar Energy Oy. Once operational, the project will sell part of its output to technology giant Google LLC.

The deal represents U.K.-based Glennmont's first investment in the Nordic market, according to a Sept. 30 news release. The value of the transaction was not disclosed.

Construction of the unsubsidized wind farm is set to begin in October. It is expected to become the largest wind farm in the country once it begins operating.

Piiparinmäki, featuring Vestas Wind Systems A/S turbines, will sell a part of its output to Alphabet Inc. subsidiary Google under a power purchase contract.

Ilmatar Energy, a joint venture between the Omnes Capital-managed Capenergie 3 fund and Ilmatar Windpower plc, will provide technical and commercial management services during operation.

DekaBank Deutsche Girozentrale will provide a senior debt package for the deal as sole underwriter. DekaBank is the securities services provider of the German Savings Banks Finance Group.

Glennmont hired Eversheds as legal adviser. Illmatar tapped Krogerus as legal adviser and Augusta & Co. as sole financial adviser. DekaBank had Hannes Snellman as legal adviser and Ramboll as technical adviser.