Fortum and Uniper launch first joint project in Finland

Fortum and Uniper have launched their first joint wind and solar project in Europe – investing in the construction of the 380-megawatt Pjelax-Böle and Kristinestad Norr wind parks in Närpes and Kristinestad in Finland.

The project by the joint team from both companies consists of 56 wind turbines with an annual power generation of approximately 1.1 terawatt hours. It will be rolled out in partnership with the Finnish energy company Helen Ltd.

Construction with civil works will start in January 2022 and the wind parks are expected to be fully operational at the latest in the second quarter of 2024. Fortum will retain a 60 per cent majority and Helen a 40 percent minority ownership in the project and the investment will be consolidated on Fortum’s balance sheet. The total capital expenditure of the projects is approximately EUR 360 million, of which Fortum’s share is EUR 216 million.

“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," said Simon-Erik Ollus, Executive Vice President of Fortum’s Generation division.

Fortum's and Uniper’s business model for wind and solar consists of development, construction, asset management as well as partnerships and other forms of co-operation.

Fortum and Helen have also signed a long-term electricity sales agreement (PPA, power purchase agreement) according to which Helen is to purchase approximately half of the power generation from the Pjelax-Böle and Kristinestad Norr wind parks.