New wind and solar project starts in Finland

Renewables

Finland In Europe, a joint team of Fortum and Uniper is launching its first project in the wind and solar industries.

In collaboration with the Finnish energy company Helen, Fortum has decided to begin construction of the 380-megawatt Pjelax-Böle and Kristinestad Norr wind parks in Närpes and Kristinestad, Finland.

The project consists of 56 wind turbines that generate approximately 1.1 terawatt hours of electricity per year. Civil works will begin in January 2022, and the wind parks are expected to be fully operational by the second quarter of 2024 at the latest. Helen will own a 40% minority stake in the project, with Fortum owning a 60% stake. The investment will be consolidated on Fortum’s balance sheet. The projects’ total capital expenditure is around EUR 360 million, with Fortum contributing EUR 216 million.

Helen will purchase approximately half of the power generated by the Pjelax-Böle and Kristinestad Norr wind parks under a long-term electricity sales agreement (PPA, power purchase agreement) signed by Fortum and Helen.

Onshore wind and solar, as announced in December 2020, is one of Fortum and Uniper’s three strategic cooperation areas. The goal of strategic cooperation is to ensure that the Group strategy is implemented in a focused and effective manner, to add value, and to maximize the exploration of growth opportunities. Uniper leads the wind and solar organization, which aims to build between 1.5 and 2 gigawatts of new capacity in the most attractive European markets by 2025. Nordic hydro and physical trading optimization, as well as hydrogen development, are two other strategic cooperation areas for Fortum and Uniper.

For wind and solar, Fortum and Uniper’s business models include development, construction, asset management, as well as partnerships and other forms of collaboration.

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