Metsähallitus strikes agreement to sell up to 800 MW wind portfolio to Nordic Generation

The three projects, located in Simo, Kajaani, and Pyhäntä, will add up to 800 MW of clean, green power to Finland’s energy grid, in a move to support the government’s efforts to reach carbon neutrality by 2035.

Once operational, the wind farms will generate enough clean electricity to power more than 100 000 Finnish households.

Markku Tuominen, Director of Wind Energy at Metsähallitus, commented: “This deal demonstrates that there is a demand for good wind power projects and that the Finnish energy market is also attractive at the international level. There is confidence in the market that the demand for clean energy will continue to grow in Finland. One-third of Finland’s total energy consumption is still based on fossil fuels. If Finland wants to achieve its carbon neutrality target, we must continue to increase the deployment of renewable energy projects and add more green energy into the mix.”

Marko Salmela, Managing Director of Nordic Generation, added: “The projects are an excellent fit with our strategy and nicely complement our project portfolio, which we are developing to meet growing electricity demand in Finland. The best way to respond to demand is to increase renewable energy production.”

Nordic Generation is backed by the Octopus Energy Renewable Infrastructure Trust plc (ORIT) and Sky – two funds managed by Octopus Energy Generation, one of Europe’s leading investors in renewable energy projects.

Metsähallitus and Nordic Generation have agreed that Metsähallitus will continue to develop the projects until the permits enter into effect. At Konnunsuo, Metsähallitus and Neova Group subsidiary, Vapo Terra Oy, are continuing their joint development. Metsähallitus and Nordic Generation are also working on plans to engage local communities and will update accordingly in the future.

Markku Tuominen concluded: “This will enable us to optimise projects in accordance with the buyer’s goals. Nordic Generation has been very interested in the local impacts of the projects, especially with regard to the landscape.”

Wind power projects support municipalities’ climate targets and generate an average of €35 000 in property tax revenue from the wind turbine each year.

EY-Parthenon assisted the transaction as the financial advisor and Hannes Snellman as the legal advisor.

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