Eolus plans over 600 MW of Finnish wind projects, books small Q1 loss

Swedish renewables developer Eolus Vind AB (STO:EOLU-B) on Wednesday said it has teamed up with Finnish landowner Finsilva to develop five wind power projects in central Finland with a potential combined capacity of over 600 MW.

Under the cooperation agreement, Finsilva will lease land to Eolus, which will develop and implement the projects. The schemes are currently in an early phase but could be developed at a rapid pace, according to the announcement, with commissioning expected from 2027 onwards.

“Finsilva will contribute land infrastructure to the projects in a revenue-sharing context. We want to be at the forefront in the responsible utilisation of natural capital and that's why we're looking for competent and skilled partners like Eolus,” commented Finsilva’s chief executive Juha Hakkarainen.

Meanwhile, Eolus reported results for the first quarter of 2023, which showed a net loss of SEK 15 million (USD 1.5m/EUR 1.3m) and a decline in net sales to SEK 277 million from SEK 432 million a year ago.

The loss, which compared to a net deficit of SEK 138 million in the same quarter of 2022, was attributed to the lack of any major project sales beyond the share in Kurzeme.

“In line with our targets in the 2022–2024 business plan, we are continuing to invest heavily in project development and building an organisation that will enable this expansion,” said chief executive Per Witalisson.

During the quarter, the company added 2.6 GW to its portfolio, taking it to almost 24.5 GW.

(SEK 1 = USD 0.098/EUR 0.089)

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