The Finnish Government has announced a new offshore wind auction totalling 7.5GW to boost the country’s renewable energy generation.

The auction will be held for five wind farms to be built on an 860km² leased area that can accommodate 500 turbines.

The estimated investment for each of the wind farms is €3bn–4bn.

The leasing of sites and the sale of project rights will generate income for the state.

Municipalities will also benefit from the auctions as they can collect real estate taxes from the wind farm sites in water areas. These projects can also create significant employment opportunities for local residents.

The wind farm sites to be auctioned will be located in Ostrobothnia and North Ostrobothnia.

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By GlobalData

The sites will be governed by Metsähallitus, the state-owned company that manages land and water areas. The auction will be conducted in accordance with the model prepared in 2021.

The auction for two areas, Pyhäjoki/Raahe and Närpes, will begin by the end of 2023.

Tendering procedures for the three remaining areas, Siikajoki/Hailuoto, Raahe/Siikajoki and Kristinestad, are being prepared.

Once the auctions are completed, the government will decide on the granting of usage rights to the selected project partners.

Finnish Minister of Agriculture and Forestry Sari Essayah stated: “Offshore wind power can significantly increase renewable and emission-free electricity production in Finland. The projects will promote the clean transition and create a completely new sector in Finland, attract international investments and promote the goals of the government programme.”

Finland’s Minister of Climate and the Environment Kai Mykkänen stated: “This resolution is of a historical scale and will take Finland towards a strong growth in clean energy production.

“The wind power from the sites to be auctioned is expected to increase Finland’s annual electricity production by more than a third. Increasing electricity production is a key means to promote investments in the processing industry targeted to Finland.”

Metsähallitus and Vattenfall recently agreed to increase the capacity of the Korsnas offshore wind farm from 1.3GW) to 2GW. Vattenfall became the project’s partner in December 2022.