The Annual General Meeting highlighted Korkia’s first year focused solely on renewable energy

At the Annual General Meeting on May 15, 2025, Chairman Martti Malmivirta and CEO Pauli Mäenpää outlined the company’s near-term outlook.

News | 23.5.2025

Korkia’s position as an international renewable energy player is strengthening. At the Annual General Meeting held on May 15, 2025, Chairman of the Board Martti Malmivirta and CEO Pauli Mäenpää shared insights into Korkia’s near-term outlook.

Korkia Oy’s Annual General Meeting was held on May 15, 2025. Chairman of the Board, Martti Malmivirta, opened the event by reflecting on the volatility of the market and its future outlook.

“The renewable energy market is a pathway of endless growth. Depending on the source, electricity consumption is expected to double or even triple by 2050,” Malmivirta summarized.

“During 2023 and 2024, solar energy attracted more investment than all other energy sources combined.”

In his remarks, Malmivirta outlined key challenges in the renewable energy landscape: electricity price fluctuations, geopolitical uncertainty, high interest rates, and the ongoing development of grid infrastructure and technology. With a market growing as rapidly as renewable energy, challenges are inevitable.

“We’re only at the beginning of the our work. Our flexible business model is a true strength: we are an agile player operating in a decentralized market,” Malmivirta stated.

First year operating exclusively in renewable energy

Korkia’s CEO Pauli Mäenpää described the past year’s key milestones and Korkia’s position as an international renewable energy player. In 2024, the Group’s operating revenues amounted to approximately EUR 14.61 million, with an operating profit of EUR 5.68 million and a net profit of EUR 0.91 million. During the year, Korkia strengthened its financing capacity for renewable energy project development by approximately EUR 44.5 million in total. As recognition of its success among institutional investors, Korkia was awarded the ESG Excellence Award in the Specialist category of the annual SFR Institutional Investor Survey on community asset management in November 2024.

At the end of 2024, Korkia’s project pipeline included more than 130 renewable energy projects under development across 14 different project companies. The total capacity of the development pipeline grew by approximately 42% compared to the previous year and included over 20 gigawatts of solar and wind power as well as battery energy storage systems (BESS).

“We are one of the largest—if not the largest—early-stage project developers in the renewable energy sector in Europe,” said Mäenpää.

“This is a remarkable achievement that speaks volumes about our future potential. We made the strategic decision to focus exclusively on renewable energy just four years ago, and 2024 marked our first full year dedicated entirely to the sector.”

Korkia typically exits its projects once they reach ready-to-build (RTB) status. The focus is on maximizing the value of renewable energy projects at various development stages. In selected projects, Korkia continues development even beyond permitting and construction readiness, toward final investment decision or commercial operation. Many of Korkia’s projects are expected to reach RTB during 2025.

Even in a turbulent market environment, the company’s growth outlook remains strong.

“A significant number of our projects are reaching ready-to-build stage at a time when industry pricing trends appear favorable,” Mäenpää concluded.

Korkia’s board of directors for 2025 confirmed

At the Annual General Meeting, the current board members Martti Malmivirta, Sari Mannonen, and Joonas Rauramo were re-elected. A newest addition to the board is Ante Razmilovic, who has previously served as an advisor to the board.

Razmilovic brings over 30 years of international finance experience. He has previously worked at Credit Suisse First Boston and Goldman Sachs, and holds a degree in Electrical Engineering from Imperial College London.

“Having worked closely with Ante for over a year and a half, I can say he is incredibly goal-oriented. I’m very excited to continue working with him,” Malmivirta commented.

All decisions at the Annual General Meeting were made unanimously. Our sincere thanks go to our shareholders for their trust and commitment to the company, and to Korkia’s employees for their dedicated work and efforts on behalf of our company. The megatrend of electrification and the global shift toward renewable energy sources continue to drive strong demand for renewable energy solutions.