Farm down of Finland wind farm project to join forces with Sval Energi

Source: press release, 20 March 2020

MLK wind farm project in mid Finland
MLK wind farm project in mid Finland (photo: Lundin Petroleum)

Lundin Petroleum AB has announced that is has successfully farmed down 50% of its Metsälamminkangas (MLK) wind farm project, in mid Finland to Sval Energi AS, a portfolio company of HitecVision.

As announced on 31 January 2020, Lundin Petroleum concluded a transaction with OX2 AB to acquire a 100% interest in the USD 200 million MLK wind farm project, which will produce around 400 GWh per annum gross, once it is fully operational in 2022, from 24 onshore wind turbines.

Sval has farmed into 50% of the MLK project worth USD 100 million, which includes acquisition cost and future capital expenditure, and is on equivalent terms as Lundin Petroleum acquired the project from OX2.