Enefit Green, Eesti Energia's renewable energy subsidiary, completed the acquisition of Tolpanvaara wind farm development from Metsähallitus, which manages the Finnish state forest. This is Enefit Green's first wind farm development in Finland.
The Tolpanvaara wind farm will be located in a relatively remote place with good wind conditions, between the forests belonging to Metsähallitus.
Up to 22 wind turbines can be installed in the farm, and its total capacity will reach up to 100 megawatts. The owner of the wind farm project is Enefit Green's Finnish subsidiary Tolpanvaara Wind Farm Oy.
CEO of Enefit Green Aavo Kärmas said the company is constantly looking for opportunities to grow its renewable energy portfolio in the countries around the Baltic Sea, including Finland.
"The development of Tolpanvaara is a well-located ready-to-build project. In addition, expansion to Finland is supported by a good local investment climate and a stable market situation," said Kärmas.
The next step is to announce the procurements necessary for the construction of the wind farm.
"Within the framework of the Tolpanvaara project, we are open to cooperation with partners and large electricity consumers who are interested in concluding a long-term renewable electricity purchase agreement," Kärmas confirmed.
The agreement between Enefit Green and Metsähallitus was entered into in 2018. The closing of the transaction was subject to certain conditions precedent.
The increase in renewable energy production will contribute to Eesti Energia's strategic goal of producing 43 percent of electricity and heat from renewable sources in 2024.
The Finnish electricity market is not unfamiliar to the Eesti Energia Group as the company has been selling electricity to Finnish households since spring 2018 under the Enefit brand.
Enefit Green is a renewable energy company belonging to the Eesti Energia Group, currently owning a total of 20 wind farms in four markets - Estonia, Latvia, Lithuania, Poland - as well as 4 cogeneration plants, 36 solar power plants, a pellet plant and a hydroelectric power plant.
Editor: Helen Wright