Finnish renewables company Ilmatar Energy has reached a final investment decision on a 216MW wind farm in its home market, with construction due to start in October 2021.
The Alajarvi wind project is located in central Finland and will encompass 36 wind turbines.
Commercial operation is targeted to begin at the end of 2023.
Once operational, the Alajarvi wind farm will supply electricity into the Nord Pool area and will be one of the largest unsubsidised wind farms in Europe.
Ilmatar Energy CEO Juha Sarsama said: “In less than two years, we have delivered investment decisions for over 500MW of new wind projects in Finland, which is a solid testament to both the transaction and financing capabilities as well as the construction management capabilities of Ilmatar Energy.
“We are determined to deliver on our ambitious growth plans, which require partnering in all facets of the energy market.
“Finland’s low carbon energy strategy expects wind power to become the dominant source of clean energy in Finland. Large-scale wind farms, such as Alajarvi, have a pivotal role in achieving these goals as well as creating conditions for new industry investment and decarbonisation of industries and society at large.”
Alajarvi wind farm has been developed greenfield by Ilmatar and the company plans to continue to own the wind farm throughout its operational life of 35 years.
Most of the offtake from the Alajarvi wind project is backed by power purchase agreements (PPAs) from corporates, enabling the project to be unsubsidised. In continuation with the project development, Ilmatar will now manage the Alajärvi wind farm construction.
Once operational, it will continue to manage the technical and commercial operations of the wind farm for the next 35 years.
Kansai Electric Power owns 49% of shares in the Alajarvi wind project.
For Kansai, the project marks a second investment to an Ilmatar constructed wind farm.
Ilmatar Energy is also constructing three other onshore wind farm sites in Finland and is preparing several other large-scale wind power projects across Finland.
For two onshore wind projects under construction in Finland, Voimamylly (25.8MW) and Rasakangas (48.0MW), Ilmatar intends to remain the sole owner of the projects.