Category Archives: Wind & Solar

Renewable Energy Investments by Private Energy Market Fund LP (PEMF)

Renewable Energy Investments by Private Energy Market Fund LP (PEMF)

private-energy-market-fund2005 – 2013, from development to exits

  • Arkadia Wind companies (total of 40 MW greenfield wind power developed, financed and built in Greece)
  • ATBiopower Ltd (
  • Thai Biogas Energy Company Ltd (

Mr. Lehdonvirta has managed the activities of the private equity fund PEMF from its inception in 1999 until the end of investment period in 2006 and again since Nov. 2012 during the exit phase. The Fund has contributed to the development, structuring and closing of international energy investments and on hands-on management and corporate governance in Europe and Asia, often as the majority shareholder. The investments include wind, CHP, biomass, biogas and energy efficiency.

Feasibility Study of Renewable Energy Options for Rural Electrification of Cambodia

Feasibility Study of Renewable Energy Options for Rural Electrification of Cambodia



Client: The Cambodian Research Centre for Development (EC-ASEAN Energy Facility)

The objective of the project was to estimate the market potential of renewable energy in rural electricity markets, propose policy interventions and institutional framework to promote renewable energy for rural electrification and provide relevant information to private project developers. Greenfield had a role of Senior Business Advisor, bringing in the viewpoints of a private investor.

Technical and Financial Structuring of Wind Power Projects in Sub-Saharan Africa

Technical and Financial Structuring of Wind Power Projects in Sub-Saharan Africa

Wind Power in Nairobi

May 2013, Nairobi

Client: Nodalis Conceil (Africa-EU Energy Partnership)

Wind Farm Operation and Maintenance

The training session discussed the operation arrangements – both technical and organisational – required when operating a wind farm as part of the overall power system. The intermittent nature of wind energy has an effect on grid balancing and capacity dispatching. The challenges will increase progressively when the share of wind (and solar) production is growing. The session  presented practical examples on challenges faced and solutions applied in Cape Verde where the wind power penetration rate has reached 25% of annual electricity generation; sometimes over 50% on daily level.

The participants gained a better understanding on prerequisites for successful operation on various levels; starting from overall power capacity structure, covering reflections to contractual arrangements (PPA, O&M), reviewing stakeholder roles and relationships (grid operator, technical contractors) and with the main focus on wind farm technical tools and organizational aspects.

(Full presentation available on request)

Wind Power in Cape Verde

Wind Power in Cape Verde

Cabo Verde Wind PowerCabeolica
2011 – 2012

Client: Cabeólica S.A.

Cabeólica S.A. is a special purpose company established in Cape Verde in order to develop, own and operate four Wind Farms with a total capacity of 25.5 MW, in the islands of Santiago, São Vicente, Sal and Boa Vista.

The company is based on a Public-Private-Partnership between the Government of Cape Verde and international private sector investors, and with EIB and AfDB as lenders. The Company’s shareholders are Africa Finance Corporation, Finnish Fund for Industrial Cooperation Ltd, InfraCo Limited, Electra SARL and the Government of Cape Verde. The total investment of the project was at the level of €55 million.

Cabeólica S.A. signed a turnkey fixed-price Engineering, Procurement and Construction (EPC) Contract with Vestas Portugal in October 2010 for the delivery of the Wind Farms.  Vestas supplied 30 V52-850 kW wind turbines for Cabeólica; the first wind farm was commissioned in September 2011 and the fourth one in May 2012.

Greenfield Consulting contribution to the project

Greenfield’s contribution to the Project was the overall start-up management of the wind power company Cabeólica S.A. This included launching the technical, financial and administrative operation of the company within an assignment of about 2 years. During this time, Mr. Herkko Lehdonvirta acted as the resident CEO of Cabeólica SA in Praia with the duties and responsibilities to organize and supervise all the business functions of the start-up company. This included i.a. establishing the company organization and recruiting the personnel, assigning the outside services (Owner’s Engineer, Lenders’ Engineer, O&M, legal etc), supervising the construction, commissioning and O&M, capacity building and training, supervising the financial management, ensuring environmental and other permits compliance.

By the end of assignment all four wind farms were in full commercial operation, fulfilling the Government’s Renewable Energy strategy producing 25% of total electricity in Cape Verde. The company is continuing a successful business under the management of the excellent local team.

Pre-feasibility Study of Photovoltaic System, Finland

Pre-feasibility Study of Photovoltaic System, Finland



Pre-feasibility study for 300 kW photovoltaic plant included the following:

  • Analysis for optimum solar panel type and orientation
  • Analysis for inverter type
  • Electricity yield calculations
  • Budgetary offer inquiry for solar panels
  • Investment and O&M costs for the system

The project work was carried out by Greenfield Consulting.

Client: Confidential