Locus Energy has made its first acquisition in Finland, and it is a small one. The Makelankangas park outside Hamina has four wind turbines that started turning in 2012 and a 0.72 MW solar array added four years later. Locus calls Finland a core market. Its entry ticket is 8.72 MW of ageing kit next to an industrial estate, and the estate may matter more than the turbines.
Key takeaways
- Locus Energy acquired the 8.72 MW Makelankangas wind and solar park outside Hamina in southern Finland from Suomen Voima, announced on 3 June 2024, for an undisclosed price, marking its entry into the Finnish market.
- The park combines an 8 MW wind farm of four turbines, operating since 2012, with a 0.72 MW solar park of about 11,000 square metres of panels, operating since 2016, and generates about 17 GWh a year in total.
- Suomen Voima, owned by a consortium of 16 Finnish municipal energy companies, developed, built and owned the park from 2010, and Makelankangas was one of its first investments.
- Enerdatics estimates that the power generated at Makelankangas will be consumed by industries in the surrounding Makelankangas industrial area.
- Of 30 Finnish wind M&A transactions Enerdatics records from January 2023 to June 2025, six carry a disclosed value, and of the 11 operating wind asset sales in that set only Aneo's purchase of the 43.2 MW Kokkoneva wind farm, at about $1.16 million per MW, is priced.
How does a buyer enter a market through an 8.72 MW park?
By treating the first asset as a foothold rather than a portfolio. Locus Energy already owns hydro and wind assets in Sweden and Norway and is building a pipeline of wind, hydro and combined heat and power assets in Finland. A combined heat and power plant, or CHP, produces electricity and useful heat from the same fuel. Makelankangas gives Locus an operating site, a grid connection and local relationships in a country where it previously had none.
The seller's profile helps explain why the asset was available. Suomen Voima is owned by 16 Finnish municipal energy companies, and Makelankangas was among its earliest investments. It developed, built and owned the site from 2010, and Leap records that Locus is seen as a capable successor for the further development of the site. That phrase points to what the buyer may do next rather than what it bought.
What is the site actually producing?
About 17 GWh a year from 8.72 MW, which is a combined capacity factor of roughly 22 percent. Capacity factor is the share of a plant's theoretical maximum output that it actually produces over a year. The figure blends a 2012 wind fleet with a small solar array, and the wind turbines account for more than nine tenths of the capacity.
The location may matter more than the output. Makelankangas sits beside an industrial area, and Enerdatics estimates that the industries there will consume the power the park generates. A generator that sells to neighbouring industrial users can earn more than one that sells only into the wholesale market, because the buyer avoids some of the cost of taking power from the grid. Leap does not record a contract, so the arrangement should be read as Enerdatics' assessment rather than a disclosed term.
Why do operating Finnish wind farms so rarely carry a price?
The records do not say why, but the gap is consistent. Enerdatics records 30 Finnish wind M&A transactions announced between January 2023 and June 2025. Six carry a disclosed value, and most of those are large development portfolios: Fortum's $87.14 million for a 2.6 GW portfolio from Enersense, Conquest's $44 million for 682 MW from Winda Energy, and Ingka Group's $195.08 million for 49 percent of an offshore wind portfolio from OX2.
Operating assets are better represented in the count than in the pricing. Eleven of the 30 records are sales of operating wind assets, from KGAL and Access Capital Partners' 21.6 MW Honkajoki farm to Commerz Real's 45.6 MW Lumivaara purchase. Only one of the 11 is priced: Aneo paid $50.27 million for Greencoat Renewables' 43.2 MW Kokkoneva wind farm in November 2024, about $1.16 million per MW. The nearest construction-stage reference is Encavis' $56.64 million for the 30 MW Illevaara wind park from ABO Energy in December 2023, about $1.89 million per MW. Other buyers have followed similar routes into operating Finnish wind, including DWS's purchase of an operational Finnish wind farm.
Makelankangas is the smallest operating wind deal in the set by a wide margin. The next smallest, Honkajoki, is more than twice its size. Without a disclosed value, where a 12-year-old 8 MW wind farm sits against those references cannot be measured.
What does the deal signal for Finnish wind M&A?
That smaller Nordic owners are using operating assets to build country platforms. Locus did not stop at Makelankangas. In February 2025 Enerdatics records it acquiring a 40 MW operating wind portfolio in Finland from SUSI Partners, more than four times the size of its first purchase. The Finnish entry was the first step of a buildout, not a one-off.
It also shows how municipal owners are recycling their earliest projects. A consortium of local energy companies built Makelankangas when Finnish wind was young. Selling it to a specialist owner with plans for the site frees capital and hands the redevelopment question to someone who wants it. As the 2010s fleet ages, more of these small, early sites are likely to change hands on the same logic.
Valor Partners acted as financial adviser, Castren & Snellman as legal adviser and Ramboll as technical adviser to Locus Energy. Lieke acted as legal adviser to Suomen Voima.
Frequently asked questions
What did Locus Energy buy in Finland? The 8.72 MW Makelankangas wind and solar park outside Hamina, made up of an 8 MW wind farm with four turbines operating since 2012 and a 0.72 MW solar park operating since 2016, from Suomen Voima.
How much did Locus Energy pay for Makelankangas? The deal value was not disclosed. Among operating Finnish wind sales Enerdatics records from 2023 to mid-2025, only Aneo's Kokkoneva purchase carries a price, at about $1.16 million per MW.
Who uses the power from Makelankangas? Enerdatics estimates that the power will be consumed by industries in the Makelankangas industrial area next to the park.
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