OX2 unveils EUR-650m deal to build wind farm in Finland

Swedish renewables developer OX2 has been contracted to build a zero-subsidy wind farm in Finland of 455.4 MW, the largest one in the country to date, and then sell it to a consortium of local energy companies.

OX2 announced this on Friday, saying that it will start construction right away, having acquired the project rights in February. It expects to complete the plant in early 2025.

The wind farm will be built in Lestijarvi, where the company will install 69 turbines of 6.6 MW each. Together, they will produce more than 1.3 TWh of electricity a year.

Following completion, the plant will be owned by Kymppivoima Oy through a controlling interest of 65%, while Oulun Energia and Kuopion Energia will hold stakes of 25% and 10%, respectively.

The contract is worth some EUR 650 million (USD 738m) and includes a 15-year agreement for technical and commercial management. Also, OX2 is tasked with building the grid infrastructure to connect the wind farm, including a substation and a 58-km, 400-kV transmission line. Eltel Finland said separately that it has received a EUR-22-million contract from OX2 to build both the particular transmission line and a smaller one within the wind park.

Other key subcontractors include Keski-Suomen Betonirakenne in charge of the balance of plant work and the substation, and Hitachi Energy, which will be responsible for transformers.

So far this year, OX2 has initiated building works on 716 MW of wind power generating capacity and now has a cumulative 1,356 MW of wind farms under construction, it said.

(EUR 1.0 = USD 1.136)

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