The Kuuronkallio wind farm is located in the municipality of Kannus in the western Finland region of Mittelöserbotten, about 500 kilometres northwest of Helsinki. The renowned Danish manufacturer Vestas’ 14 wind turbines have a total rated output of 58.8 megawatts and produce around 216 gigawatt hours of renewable electricity annually.
With this asset, Commerz Real not only secured a very good location and established technology, but above all also stable returns for investors. A ten-year Power Purchase Agreement (PPA) with a leading international tech company guarantees the purchase of all electricity production. The company operates one of Finland’s largest data centres powered by renewable energy in Hamina, 150 kilometres east of Helsinki.
Vestas has also signed a long-term full maintenance contract for 20 years. This combination of a renowned manufacturer, long-term maintenance contract and secured power supply makes Kuuronkallio a particularly stable investment.
1Renewables Finland, Wind Power Statistics 2024: https://suomenuusiutuvat.fi/en/wind-power-statistics-2024/
2Statistics Finland, Energy supply and consumption 2024 (15.04.2025): https://stat.fi/en/publication/cm1kktw8ualm207vwnzpsmpc8
3IWR: “Finland is driving the expansion of wind energy -- VSB commissions 148 MW wind farm,” December 19, 2024 (Source: Finnish Renewables Association) https://www.iwr.de/news/finnland-treibt-ausbau-der-windenergie-voran-vsb-nimmt-148-mw-windpark-in-betrieb-news38974
4IWR: “Momentum in Wind Energy Expansion in Europe to Decline in 2024,” February 28, 2025 https://www.iwr.de/news/dynamik-beim-windenergie-ausbau-in-europa-2024-ruecklaeufig-deutschland-fuehrt-ausbauranking-an-news39046
5Statistics Finland, Energy supply and consumption 2024 (15.04.2025): https://stat.fi/en/publication/cm1kktw8ualm207vwnzpsmpc8
6Eurostat: “Renewable Energy Statistics,” December 2024. Data for 2023: Finland, with 50.8% of total energy consumption coming from renewable sources, ranks second in the EU behind Sweden (66.4%) https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Renewable_energy_statistics
7Statistics Finland: "Altogether 95 per cent of Finland's electricity production was based on fossil-free energy in 2024", 2025 https://stat.fi/en/publication/cm1kktw8ualm207vwnzpsmpc8
8Finnish Government / Ministry of Economic Affairs and Employment, November 23, 2023: https://valtioneuvosto.fi/en/-/1410837/metsahallitus-launches-auctions-concerning-large-scale-offshore-wind-power-projects
9Offshore Wind / Renewables Finland, New EWZ Act Takes Effect, December 27, 2024: https://www.offshorewind.biz/2024/12/27/finland-to-launch-first-offshore-wind-tender-in-autumn-2025-as-president-enacts-new-legislation/
10Renewables Finland, Wind power statistics 2025: https://suomenuusiutuvat.fi/en/wind-power-statistics-2025/
11IWR: “Finland to expand wind energy capacity to around 10,000 MW by 2025,” January 2, 2024 https://www.iwr.de/news/finnland-baut-windenergie-auf-rund-10-000-mw-bis-2025-aus-regierung-leitet-offshore-auktionsverfahren-ein-news38524
What makes Kuuronkallio particularly valuable to klimaVest: The wind farm was already in operation, the technology proven, the location first-class. With the long-term power purchase agreement and the full maintenance agreement, we have hedged two key risks. Exactly the stability our investors expect.
Finland is continuously expanding its wind power. At the end of 2024, the installed wind power output reached 8,358 megawatts - an increase of 20 per cent compared to the previous year, according to Renewables Finland (Suomen uusiutuvat ry).1 Wind power covered around 24 per cent of Finland’s electricity demand in 2024, overtaking hydro power for the first time - making it the country’s second largest power source after nuclear power, according to Statistics Finland.2
After an exceptional 2022 with 2,430 megawatts of expansion, another 1,280 megawatts followed in 2023 - the second highest value in Finnish history.3 In 2024, Finland added around 1,400 megawatts, ranking fourth in Europe’s wind energy expansion.4 Wind power generation increased by 37 percent to 19.9 billion kilowatt hours in 2024, according to Statistics Finland.5
Finland has exceptionally ambitious climate targets: With around 5.5 million inhabitants, the country aims to be the first industrial nation in the world to be CO₂-neutral by 2035. The government is even planning to become climate positive by 2040. According to Eurostat, Finland is currently the EU Member State with the second highest share of renewable energy in total energy consumption.6 95 percent of Finnish electricity production already comes from fossil-free sources.7
On 23 November 2023, the Finnish Government passed a decision to launch an auction process for offshore wind power sites in Finland’s public waters. Climate Minister Kai Mykkänen described this as a decision of historical scale: Wind power from the sites to be auctioned is expected to increase Finland’s annual electricity production by more than a third.8 However, in May 2024, the government rejected all 16 existing applications for offshore projects in the Exclusive Economic Zone (EEZ) in order to initially create a new legislative framework. The law came into force on 1 January 2025; the first tender for the EEZ is scheduled for autumn 2025.9 At the end of 2025, the installed wind power capacity in Finland actually reached 9,433 megawatts.10
Wind power is heavily concentrated in the region of Österbotten on the west coast: Nordösterbotten has 38.5 percent of Finnish wind power, followed by Österbotten with 18 percent and Südösterbotten with 12 percent. 11 The klimaVest Kuuronkallio wind farm is also located in this windy region of Mittelöserbotten.
With Kuuronkallio, Commerz Real expanded its klimaVest portfolio in June 2021 with the first Finnish wind farm. The acquisition was made by the internationally active project developer and operator wpd based in Bremen. From the outset, the Nordic region has been very popular in fund management: The Nordic region was a high priority for fund management right from the start, which is why the focus was consistently placed on the Nordic markets.
With Kuuronkallio, we have diversified the portfolio geographically: After Germany, France and Spain, we opened up Finland as another strategic market. This broad set-up reduces risks and stabilises returns for our investors.
The klimaVest portfolio: 43 locations. 6 (excluding Luxembourg) countries. A portfolio. See where klimaVest is investing - with an interactive map and detailed information on each asset.
A Commerz Real Fund Management S.à r.l. fund