Enersense International Plc has agreed to buy Finnish onshore wind developer Megatuuli as well as an equity stake in green hydrogen business P2X Solutions.
Enersense, a Nasdaq Helsinki-listed energy services company, said it will become a developer of onshore wind power projects upon completion of the Megatuuli transaction, valued at €18.5m.
Megatuuli and its partners have around 3GW of onshore wind projects in progress or in the feasibility study phase in Finland.
Enersense estimates that the acquisition will have a €20-40m impact on its EBIT by 2025.
The company has meanwhile also signed an agreement to invest €13-18m in P2X Solutions, which is developing a green hydrogen production plant in Harjavalta, Finland.
The 20MW project, billed by Enersense as the first of its kind in Finland, is to benefit from an estimated EUR 26m new energy technology grant from the Ministry of Employment and the Economy.
Construction of the project is due to start at the Harjavalta Industrial Park in autumn 2022, with commissioning expected to follow in the first half of 2024.
Jussi Holopainen, CEO of Enersense, said: “Enersense, a broad-based service company in the energy sector, will also become a producer of clean energy and a key green energy company if the corporate transactions are completed.
“Our business model will change as a result of the ownership, as we will also receive revenues from the energy produced. Enersense will continue to serve as a strong partner in enabling the energy transition in all project phases, both in Finland and internationally.”