Elo invests in the Vartinoja wind park
The Vartinoja wind farm owned by TuuliTapiola will be inaugurated in Siikajoki on 13 September 2016. TuuliTapiola Ky, which is a private equity fund managed by LocalTapiola Real Estate Asset Management Ltd, invests its assets in wind power projects in Finland that meet the production subsidy criteria for electricity produced with renewable energy under Finnish law. The investors of the fund are the LocalTapiola Mutual Insurance Company, the LocalTapiola Mutual Life Insurance Company and the Elo Mutual Pension Insurance Company.
The wind farm was completed in November 2015 and 90 per cent of the farm is owned by the TuuliTapiola Ky fund and 10 per cent by LähiTuuli Oy. The 25 MW park generates sufficient electricity to supply the annual demand of some 4000 electrically heated single-family houses or 30 000 two-room flats. The project was carried out in co-operation with GE Energy Oy and TuuliSaimaa Oy, which is a renewable energy expert.
Responsibility is an integral part of the investment operations and investment risk management of LocalTapiola and Elo. Responsibility means both compliance with legislation and good market practices and independent responsibility with regard to the society around us.
“TuuliTapiola’s investment strategy and investments in wind power meet our responsible investment principles and reduce the carbon footprint of our investments. We hope to continue investing profitably and securely in renewable energy production in Finland,” says Jan Schulman, a portfolio manager at Elo.
“We have focused on sustainable development and on solutions that combat climate change in our investment choices and strategies for a long time,” says Kim Särs, Director at LocalTapiola Real Estate Asset Management.
The goal of LocalTapiola Real Estate Asset Management is to produce all of the electricity consumed by its entire real estate portfolio, valued at some EUR 3 billion, with renewable energy. This goal will be exceeded during 2016, the first full operating year of the Vartinoja wind farm.
We have planned, manufactured, installed and delivered nine wind turbines to the Vartinoja I wind power park. The turbines are perfect for the low and mid-speed wind conditions that are typical in Finland. GE is very satisfied to be able to contribute to increasing carbon-dioxide free energy production in Finland in collaboration with Finnish partners. This project reinforces our strategy to become a strong local wind power company,” says Markus Alholm, the Managing Director of GE Renewable Energy Oy.
For further information:
Jan Schulman, Elo Mutual Pension Insurance Company, tel. +358 40 539 2373
Kim Särs, LocalTapiola Real Estate Asset Management Ltd, tel. +358 40 501 9981
Petteri Laaksonen, TuuliSaimaa Oy, tel. +358 40 508 8498
Markus Alholm, GE Renewable Energy Oy, tel. +358 40 541 5977