Veritas increases its investments in wind power
3 November 2020
The deal on the production of wind power between Exilion Tuuli Ky, partly owned by Veritas, and St1 has been confirmed. The company acquired eleven already operating wind farms from St1 with a total power of 315 MW. The sale also includes development projects with an estimated combined power of 475 MW.
‘Wind power is a renewable source of energy, and it fits well in the portfolio of a responsible investor. Energy production plays an important role in the fight against climate change’, says Laura Wickström, portfolio manager at Veritas. ‘As a pension company, we are looking far into the future and want to do our part to support the transition to a low-carbon economy.’
With this acquisition, Exilion will become Finland’s largest wind power producer. The company owns 380 MW of operational clean wind capacity, equivalent to one sixth of Finland’s total capacity. This corresponds to the annual electricity consumption of 55,360 single-family houses.
‘In addition to its sustainable nature, the investment offers predictable cash flows and diversification.’
Exilion Tuuli Ky is owned by Elo Mutual Pension Insurance Company, Veritas Pension Insurance and the State Pension Fund of Finland.
Source: Veritas
