Herbert Smith Freehills advises OX2 on €700 million investment for two onshore wind farms in Finland

Leading international law firm Herbert Smith Freehills has advised renewable energy platform OX2 on the project financing of two onshore wind farms in Finland with a total capacity of 472 MW and investment of more than €700 million (c. £ 585 million); the largest renewable energy investment in Finland to date.

Construction of both projects is set to start immediately, and the wind farms will produce about 1.6 TWh of renewable energy annually once completed. The wind farms will remain under OX2’s ownership once constructed. The Rajamäenkylä wind farm in Karijoki and Isojoki will be completed in 2028 with a total capacity of 367 MW. The Honkakangas wind farm in Halsua will be completed in 2027 with a total capacity of about 105 MW. The projects each have a long-term PPA with a multinational corporate offtaker.

The Herbert Smith Freehills team was led by partner Helen Beatty, supported by senior associate Charlotte Whight and associates Abraham Whitworth and Max Howard. Hedging advice was led by partner Nick May and senior associate Vladi Resnik.

Partner Helen Beatty commented, "We are proud to have advised OX2 on this exciting and landmark transaction that will propel the advancement of renewable energy in Finland. The deal exemplifies our deep knowledge of the renewable energy markets and ability to support the energy transition."