In the development phase, work is being done to create conditions for the construction of several wind farms and investments totaling hundreds of millions of euros in the region.
Renewable energy developer Semecon and investment company Korkia have agreed on the development of over 200 megawatts of wind power in Northern Ostrobothnia. The development will be funded by Korkia’s investors, with local cooperative Arvo Investment already committed as the anchor investor with a three-million-euro investment. The work in the development phase is laying the groundwork for the construction of several wind farms and investments totaling hundreds of millions of euros in the region. The projects are located in Ylivieska, Siikalatva, and Sievi. The construction of wind turbines is estimated to commence in 2023.
“As a local player, we want to ensure the progress of projects from local perspectives. Wind farms are significant regional employers during both the construction and production phases, and over their long lifespan, they provide property tax revenues to municipalities and rental income to landowners,” commented Olli Malkamäki from Semecon.
Semecon and Korkia are experienced renewable energy project developers. Semecon’s CEO Olli Malkamäki has been involved in the development and construction of hundreds of megawatts of wind power in Finland. For Korkia, this is the first investment in wind power in the country, but its portfolio of renewable energy projects abroad is substantial, totaling around two gigawatts.
“We want to foster the vitality of our region by investing in local wind power projects. Through Korkia, we plan to make this investment opportunity available to a broader investor base. While wind power may divide opinions, particularly regarding landscape impact, it is undoubtedly a very efficient and cost-effective way to produce renewable energy. Ambitious climate targets, to which Finland is also committed, inevitably lead to increased construction of wind power. Now we have the opportunity to bring these projects into domestic ownership,” commented Kati Peltomaa from Arvo Investment Cooperative.
Wind power markets are experiencing rapid growth
Wind power is one of the fastest-growing forms of energy production in Finland and worldwide. In 2020, approximately 300 megawatts of new wind power were installed in Finland, bringing the total wind power capacity to almost 2600 megawatts. Wind power generated 7.8 terawatt-hours of electricity, accounting for nearly 12 percent of Finland’s electricity production. (Sources: Finnish Wind Power Association, Energy Industry)
“At Korkia, we have decided to focus our investment activities heavily on renewable energy project development. We have an ambitious goal to develop several gigawatts of renewable energy in Europe over the next few years. Our home country is also an important market for us. We collaborate with local project developers, which allows us to trust in the success of the project and enable them to participate in the financial returns. It is also gratifying that this first project is located in the region where I spent my childhood,” commented Pauli Mäenpää, CEO of Korkia.
“Our goal is to offer Finnish investors effortless, profitable, and environmentally positive investment opportunities in renewable energy both domestically and internationally,” Pauli Mäenpää continued.
For 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 Investment Cooperative
+358 44 729 1220, kati.peltomaa@arvosijoitus.fi
Korkia is an internationally operating Finnish investment and consulting company specializing in sustainable growth, especially in renewable energy, resource-efficient industry, and emission-free transportation. www.korkia.fi