OX2 Makes wind energy investment in Finland

Dan Görgü

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Swedish wind power company OX2 is making Finland’s largest ever investment in renewable energy. The company is investing around €700 million to develop two wind farms with a combined 472 megawatts (MW) of capacity.

The massive investment in the Rajamäenkylä (367 MW) and Honkakangas (105 MW) wind farms represents the largest renewables project in the Nordic countries since 2022.

Once complete, the twin wind farms will produce approximately 1.6 terawatt-hours of clean electricity annually – enough to power 250,000 households.

“Finland has excellent potential for significantly ramping up renewable energy production. Our investment sends an encouraging signal to players planning power investments,” stated Veli-Pekka Alkula, Managing Director of OX2 Finland.

The €700 million project financing comes via long-term loans from Santander as well as OX2’s own equity capital. Both wind farms have long-term corporate power purchase agreements in place.

This marks the first time OX2 will retain ownership of its completed Finnish wind farms rather than divesting.

Construction has already begun with rock crushing activities. OX2 had previously approved over 1,200 MW of wind power investments in Finland and manages a total 1,650 MW wind capacity in the country.

As nations seek to rapidly boost clean energy sources, OX2’s mega wind farm investment underscores Finland’s renewable energy potential and ambitions.

The translation was written by an AI system, though the original text was authored by a human. Read the original article here