The wind power company CPC Finland Oy has entered a joint venture with Prime Green Energy Infrastructure Fund (PGEIF) for the development, construction and operation of an up to 200 MW green hydrogen/e-methane facility in Kristinestad, Finland. PGEIF is a fund managed by Prime Capital AG (PCAG). The transaction also includes the construction of five different sized windfarms, which will be supplying green energy to the planned facility under a long-term power purchase agreement.
The hydrogen site will be located in Karhusaari, Kristinestad. The permitting process has already started and is expected to last for 18-24 months. The construction of the plant is therefore expected to start in 2024 and is estimated to last approximately 12 months to conclude.
The new production facility will start producing green hydrogen and synthetic methane completely emission-free using renewable energy sources. CPC Finland is building new wind power facilities, with a total capacity of 600 MW. The capacity is estimated to cover at least 80 percent of the total electricity needs of the green hydrogen/e-methane facility. CPC Finland is responsible for the planning, procurement and construction of the wind farms to be built, as well as technical and commercial asset management during production.
Erik Trast, Managing Director, CPC Finland Oy, said: “We are absolutely thrilled about the opportunity to expanding our business model with this transaction. Both parties bring a firm set of own complementary strengths to this joint venture. For us this is a logical next step in refining our business model for the needs arising from energy transition and energy independence.”
Markus Tacke, CEO, CPC Germania GmbH & Co. KG, said: “Hydrogen and e-fuels are essential in the transition to fossil-free mobility. There is now clearly more sense of urgency on the political and societal level, which speeds up the creation of reliable, fossil-free production and supply chains throughout Europe. We focus on promoting the production of green hydrogen and e-fuels. We are proud that we can contribute to this important development with our know-how and ambitions.“
Dr. Mathias Bimberg, Head of Infrastructure, PCAG, said: “Our Joint Venture in Kristinestad, Finland will provide a zero-carbon alternative to fossil fuels in sectors where electrification is hard or impossible. In the light of the Ukraine war, we are increasing Europe’s energy independence from unreliable suppliers and volatile fossil fuels and thereby accelerating the energy transition.”
For further information, please contact:
Managing Director, CPC Finland Oy
tel. +358 50 530 3705
e-mail: [email protected]
Facts about the joint venture:
CPC Finland Oy is the fully owned subsidiary of the German based CPC Germania GmbH & Co. KG. CPC Finland has constructed or is currently constructing four wind farms with capacity totaling more than 335 MW and has a further development portfolio of more than 800 MW. CPC Germania is founded in 1993 and is one the Europe’s oldest wind energy companies with more than 50 projects constructed and more than 850 MW of total capacity. In Finland CPC has operated since 2011.
Prime Capital AG is an independent asset management firm and financial services provider, owned by management and employees. The company specializes in Alternative Investments, in particular in Absolute Return, Infrastructure, including Renewable Energy, and Private Debt. Furthermore, the company offers Investment Advisory & Solutions as well as Access Solutions. Prime Capital was founded in 2006, currently employs around 120 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF. As of June 2022, Prime Capital has approximately EUR 4.3 bn assets under management as well as EUR 7.5 bn assets under administration.
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