Fortum and its German subsidiary Uniper have announced plans to build the Pjelax-Böle and Kristinestad Norr wind parks in Finland with an investment of nearly $407m (€360m).
Fortum’s share in the project’s total capital expenditure is $244m (€216m).
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To be built in partnership with Helen, the wind farms in Närpes and Kristinestad will have a combined capacity of 380MW.
They will feature 56 wind turbines that can generate nearly 1.1TWh of clean energy.
Construction works at the site are slated to begin in January next year. The wind farms are expected to become completely operational in the second quarter of 2024.
Once completed, Fortum will hold 60% ownership in the project, while the remaining 40% stake would be held by Helen.
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By GlobalDataThe two companies have also signed power purchase agreements (PPAs), under which Helen will buy nearly 50% of the clean energy generated by Pjelax-Böle and Kristinestad Norr wind farms.
Fortum Generation division executive vice-president Simon-Erik Ollus said: “We are extremely pleased to announce our partnership with Helen and our first joint wind park project with Uniper.
“This is an important step in implementing our Nordic wind strategy and we will continue to build on our long-standing expertise to grow in carbon free power generation.”
Uniper aims to build between 1.5GW and 2GW of new capacity in the European markets by 2025.
Fortum and Uniper joint wind and solar businesses executive vice-president Frank Possmeier said: “This is our first joint renewables project with Fortum and it marks a major milestone.
“With a scale of 380MW, an annual production of approximately 1.1TWh and in combination with a long-term electricity sales agreement with a very good partner, this project is a lighthouse for the future of our joint renewables ambition.”
In June this year, Fortum agreed to divest two solar power plants in India to Actis for €280m ($334m).
