Semecon, Korkia and Arvo Sijoitusosuuskunta to develop over 200 megawatts of wind power in Northern Ostrobothnia

News | 26.11.2021

The work carried out during the project development phase will create premises for the construction of several wind farms and a total of hundreds of millions of euros in regional investments.

Renewable energy project developer Semecon and investment company Korkia have agreed on a project development for more than 200 megawatts of wind power in the region of Northern Ostrobothnia in Finland. The project development will be financed with the help of Korkia’s investors, and local investment cooperative Arvo Sijoitusosuuskunta has already committed to investing EUR 3 million as an anchor investor in the project. The work carried out during the project development phase will create premises for the construction of several wind farms and a total of hundreds of millions of euros in regional investments. The projects are located in Ylivieska, Siikalatva and Sievi. The construction phase of the wind turbines is expected to start in 2023.

“We want to ensure that the projects progress from a local perspective. Wind farms provide regional employment in the construction and production phase. In addition, they bring property tax revenues to municipalities and rental income to landowners during their long lifecycle,” comments Olli Malkamäki from Semecon.

Semecon and Korkia are experienced renewable energy project developers. Semecon’s CEO Olli Malkamäki has been developing and building hundreds of megawatts of wind power in Finland. This is the first wind power investment in Finland for Korkia, but the company’s renewable energy project portfolio abroad is substantial, consisting of about two gigawatts.

“We want to play a part in enabling the vitality of our region by investing in local wind power projects. Through Korkia we are planning to make this investment opportunity available to a wider range of investors. While wind power can divide opinions on, for example, the landscape impacts, it is undoubtedly a very efficient and inexpensive way to produce renewable energy. The ambitious climate goals to which Finland is also committed to will inevitably lead to increased construction of wind power. Now we have the opportunity to get some of these projects into domestic ownership as well,” comments Kati Peltomaa from Arvo Sijoitusosuuskunta.

The wind power market is growing rapidly

Wind power is one of the fastest growing forms of energy production both in Finland and elsewhere in the world. In 2020, approximately 300 megawatts of new wind power were installed in Finland, bringing the total wind power capacity to almost 2,600 megawatts. Wind power generated 7.8 TWh of electricity, which corresponds to almost 12 per cent of Finland’s electricity production. (Source: Finnish Wind Power Association, Energy Industry)

“At Korkia, we have decided to focus our investment activities on renewable energy project development. We have the ambitious goal to develop several gigawatts of renewable energy in Europe over the next few years. Naturally, our home country is also an important market for us. We work with local project developers so that we can be confident in the success of the project, while also enabling them to participate in the financial returns. It is also gratifying that this first project will take place in my childhood’s home region,” comments Pauli Mäenpää, CEO of Korkia.

“Our goal is to offer Finnish investors effortless, profitable and environmentally friendly investment opportunities in renewable energy, both domestically and internationally,” Pauli Mäenpää continues.

More information:

Olli Malkamäki, CEO, Semecon
+358 40 198 0745, olli.malkamaki@semecon.fi

Pauli Mäenpää, CEO, Korkia
+358 50 550 7121 pauli.maenpaa@korkia.fi

Kati Peltomaa, Investment Director, Arvo Sijoitusosuuskunta
+358 44 729 1220, kati.peltomaa@arvosijoitus.fi

Korkia is an internationally operating Finnish investment and advisory company that specializes in sustainable growth, particularly within the fields of renewable energy, resource-wise industries and mobility. www.korkia.fi

Picture: Luca Bravo, Unsplash