Swedish energy company Vattenfall has announced a joint venture (JV) with Finnish state-owned enterprise Metsähallitus to build and operate the 1.3GW Korsnäs offshore wind farm in Finland.

The Finnish offshore wind farm is estimated to have an investment value of about €2bn to €3bn.

To be built at Korsnäs off the Finnish west coast, the country’s first major offshore wind farm is expected to generate enough clean electricity for the annual consumption of about 250,000 households.

According to Metsähallitus, the announced capacity of the Korsnäs offshore wind farm equals to 40% of Finland’s wind power capacity in 2021.

Once operational, the Finnish offshore wind facility is expected to have a potential production capacity of 5TWh annually.

Vattenfall business area wind head Helene Biström said: “Vattenfall is a leading offshore wind developer in Europe. We are very honoured to have been selected to develop Finland’s first large scale offshore wind farm.

“We are looking forward to bring our broad experience to the Korsnäs project, supporting Finland to reach their ambitious climate targets.”

The Korsnäs offshore wind farm is anticipated to come online in the early 2030s.

Vattenfall has been selected for the development of the offshore wind farm in an international auction process held by Metsähallitus.

Metsähallitus manages the land and water areas of the Finnish state and is said to play a key role in helping the country achieve its target of achieving net zero emissions by 2035.

Metsähallitus director general Juha Niemelä said: “We are very pleased to partner with Vattenfall, which presented strong experience on large-scale offshore wind projects together with sustainable business practices in addition to competitive commercial terms.

“We are confident that this project will benefit the people of Korsnäs, the economic zone around Vaasa as well as the state of Finland.”

In September 2022, Vattenfall secured the rights to develop the 980MW N-7.2 offshore wind power project in the German North Sea.