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February 12, 2021

OX2 acquires 400MW wind power project in Finland from YIT

Renewable energy developer OX2 has agreed to acquire a 400MW wind power project from Finnish construction company YIT.

By Umesh Ellichipuram

Renewable energy developer OX2 has agreed to acquire a 400MW wind power project from Finnish construction company YIT.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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As part of the deal, OX2 has acquired the project rights for 72 wind turbines from YIT. OX2 Finland country manager Teemu Loikkanen said: “The acquisition of the project rights for Finland’s largest wind farm is a significant and welcome project for us. The greatest benefits from renewable energy projects are achieved when they are implemented on a large scale.

“In addition to the wind farm, we will build a 1.3GW electricity transmission line, and with the nearby Halsua wind power project, we will be able to offer plenty of job opportunities for companies in the economic area.”

Located in Lestijärvi municipality in Central Ostrobothnia, Finland, the wind farm construction works are expected to begin within a year. The development will not use any government subsidies.

The Lestijärvi project includes the construction of an electricity substation and 55km of 400kV power line.

Upon completion, the wind facility will generate approximately 1.4TWh of energy annually.

Lestijärvi municipality head Esko Ahonen said: “It is of paramount importance to the municipality that the project has passed on to competent hands and its realisation is confirmed.

“The wind farm generates approximately €2.5m [$3m] in real estate tax for the municipality every year. It will secure funding for a new school and provide us with capital for development and maintain well-being in our municipality.”

The financial details of the deal have not been disclosed.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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