The acquisition is expected to contribute to Eesti Energia's goal of generating 43% of electricity and heat from renewable sources in 2024
Estonia based Eesti Energia’s renewable energy subsidiary Enefit Green has completed the acquisition of the Tolpanvaara wind firm in Finland.
It has acquired the farm from Metsähallitus, the company that manages the Finnish state forest. The acquisition marks Enefit Green’s first project in Finland.
The two companies had entered into an agreement for the acquisition of the wind farm in 2018.
The acquisition is expected to contribute to Eesti Energia’s goal of generating 43% of electricity and heat from renewable sources in 2024.
Enefit Green’s Finnish subsidiary Tolpanvaara Wind Farm will be the owner of the project.
Enefit Green CEO Aavo Kärmas said that the company has been exploring opportunities constantly in the countries around the Baltic Sea.
“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.”
Tolpanvaara wind farm will feature 22 turbines
The wind farm is expected to be located at a relatively remote location that will have good wind conditions. The expected location is between the forests belonging to Metsähallitus.
It will feature 22 wind turbines, which will have a total capacity to generate up to 100MW megawatts.
Kärmas said that the next step will the announcements of contracts required to begin construction on the wind farm.
Metsähallitus real estate development director Tuomas Hallenberg said: “We are pleased to see remarkable international player Enefit Green coming to Finnish energy market. Moreover, it is great that yet another wind farm we have developed is coming to fruition.”
Currently, Enefit Green owns a total of 20 wind farms in Estonia, Latvia, Lithuania, Poland.
In April, the European Bank for Reconstruction and Development (EBRD) has agreed to offer a PLN40m (€9m) loan for an expansion of Enefit Green into Poland.