EVLI BANK PLC PRESS RELEASE DECEMBER 8, 2016 AT 9:50 AM
Evli Bank Plc’s subsidiary Evli Alternative Investments Ltd has become the majority shareholder of Nordic Shine Ltd. The company’s founders will continue as key persons and shareholders.
Evli and Nordic Shine have launched Finland’s first solar power investment fund (EAI SOLAR I limited partnership) which aims to multiply solar power production in Finland.
The fund offers property owners and tenants the possibility to invest in solar power production without tying up own resources or capital. For investors, the fund offers stable return potential based on long term cash flows. Through its operations, the fund supports sustainable development and increases Finnish solar energy knowhow and energy self-sufficiency.
”The utilization of solar power in Finland has been slowed down by lack of financing alternatives. The fund offers a new finance and service model for distributed power production, which has substantially accelerated solar power investments i.a. in the USA”, says Tero Tuominen, Managing Director of Evli Alternative Investments.
The fund helps property owners to cut electricity costs, reduce environmental impact and mitigate climate change in a tangible way. Rooftop solar power plant, which produces electricity for own usage, can be installed without capital expenditure and Nordic Shine will operate and maintain it throughout the contract period. Plants are delivered in co-operation with the best suppliers in the industry.
”Our service model enables transparent allocation of the benefits of solar power between the tenant and owner regardless of property’s lease agreement type”, comments Nordic Shine’s Partner Jussi Vimpari.
The fund has been well received by property owners and tenants, because in addition to its economic benefits, distributed renewable electricity generation is seen as an important part of the industry’s future.
Ovenia Group, which manages 72 000 residential apartments, 17 large-scale shopping centres and over 6 000 other commercial properties, has decided to offer the fund’s financing and service model to its clients. As part of its offering of environmental, competitiveness and property value related solutions Ovenia wants to add value to its clients also through solar power.
City of Espoo, Maj and Tor Nessling Foundation, The Federation of Finnish Technology Industries, Association of Private Entrepreneurs of Finland as well as 74 other investors have participated in the first closing of the fund.
“The purpose of the foundation is to promote research which advances environmental protection and promotes the use of the findings in practical solutions. We want to demonstrate our readiness to change by investing ourselves according to the principles of sustainable development”, states Jarmo Hirvonen, Executive Director of Maj and Tor Nessling Foundation.
Tero Tuominen, Managing Director, Evli Alternative Investments Ltd, +358 50 439 2867
Tomi Sorasalmi, Managing Director, Nordic Shine Ltd, +358 50 303 7663
Jussi Vimpari, Partner, Nordic Shine Ltd, +358 50 311 5141