BayWa r.e. has announced its entry to the Finnish wind market by signing a transaction for a 50% stake in a joint venture with Exilion, a Finnish investment company that specialises in real estate and renewable energy investments. Both companies will develop and invest into the Karhakkamaa wind farm project, which will consist of 48 wind turbines with an installed capacity of about 350 MW.
The project will be developed in the Karhakkamaa area in the north of Finland, about 32 kilometres north of the centre of the Tornio municipality and approximately five kilometres from the Swedish border.
“The acquisition of the joint venture and the co-development of a sizable wind farm in Finland aligns with our aim to enter the Finnish wind market, which we consider as a strategic market for us. We are happy and proud to co-develop our first project in Finland together with Exilion, a well-known and very reputable player in the Finnish wind market”, said Maria Röske, CEO of BayWa r.e. Nordic AB.
Ari Talja, Managing Director of Exilion, commented: “BayWa r.e. has extensive experience in the development and construction of large wind power projects around the world. Through their operations in Sweden, they also have a good understanding of the Nordic environment. We plan to take the Karhakkamaa project forward in close cooperation, so that we can meet Finland’s increasing needs for energy self-sufficiency and take a big step forward towards our ambitious climate goals.”
Lorenzo Palombi, Global Director of Wind Projects at BayWa r.e., said: “As part of our global strategy, we have been expanding into different markets for quite a while now. Karhakkamaa marks an important next step in this journey, as it will be our first foray into the Finnish market with a windfarm of this size. However, we are confident that our previous experience in the Nordics will help us to make this project yet another resounding success – and that many more will soon follow in Finland.”
In the past, BayWa r.e. had already realised several other wind energy projects in the Nordic market, especially in Sweden. Amongst others, this included the development of the company’s largest wind farm in Europe, the 94.6 MW project Lyngsåsa.
Furthermore, BayWa r.e. is currently constructing the 62 MW wind farm Furuby. Both projects are located in the South of Sweden.
Finland updated its Climate Change Act in July this year to reach net zero emissions by 2035, arguably the most ambitious climate goal in the developed world. The Karhakkamaa project will make a significant contribution towards this target and cover almost completely the equivalent of the annual electricity needs of Helsinki’s population.