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Renewable energy company OX2 will invest €700 million in two large-scale wind farms in Finland, marking the country’s largest renewable energy investment to date.
Construction will begin immediately in Halsua, Central Ostrobothnia, and in the municipalities of Isojoki and Karijoki, South Ostrobothnia. The two parks will feature a total of 70 wind turbines.
The Rajamäenkylä park, comprising 54 turbines, will be built by Finnish energy construction firm Suvic. The smaller Honkakangas project in Halsua will include 16 turbines. Both wind farms are scheduled to be operational by 2027.
Combined, the parks will produce an estimated 1.6 terawatt hours of electricity annually, equating to roughly 2% of Finland’s total electricity generation. The planned nominal output is 472 megawatts.
The announcement comes after a prolonged slowdown in renewable energy investments, driven by rising interest rates and increased turbine costs. OX2 made its previous investment decision in late 2023.
OX2’s Finland country manager Veli-Pekka Alkula said lower interest rates and stabilising construction costs have made the project viable.
“Our decision shows that it is possible to invest profitably in this environment. We already have more projects under preparation,” Alkula said.
OX2 also plans to expand its presence in solar power and energy storage solutions. The company is owned by Swedish private equity firm EQT, which includes Finnish pension fund investors such as Varma and Ilmarinen.
The company expects the parks to attract industrial electricity users and stimulate related investment. Discussions are underway with potential buyers of the future electricity output, which Alkula described only as a “globally operating company.”
The project is expected to significantly benefit local economies. Property tax revenue for the municipalities will increase by around €2.5 million annually, of which €2 million will go to Isojoki and Karijoki. Last year, the total tax income of these two municipalities was €7.6 million.
Landowners in the area will also receive lease income, and construction work will be handled by multiple contractors. Infrastructure work for the parks includes substations built by Destia. The completed sites will require ongoing maintenance and operational support.
Wind energy production in Finland grew by 1,500 megawatts in 2023, a 22% increase. Some large projects, such as OX2’s Lestijärvi and Niinimäki parks, will come online in 2024, adding another 600 megawatts.
HT
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Source: www.helsinkitimes.fi
