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SEB provides financing to Finland’s largest wind farm

Wind farm in Finland (stock photo)

SEB and two Finnish banks will provide financing to a consortium of largely municipality-owned companies as they commission Finland’s largest wind farm to date with 69 turbines. The total deal value is 650 million euros.

The amount includes everything from permits to running the operations and connecting the wind park to national grid. The transaction falls under “green category” for SEB.

“I am very happy and proud of the efforts that SEB put into this milestone project. Financing was one of the key enablers in this renewables project,” says Kari Vilen, Energy Banking.

The wind farm will have 455 MW capacity with yearly output of 1.3 TWh translating into some 2 per cent of annual electricity production in Finland. Construction of the wind park will start immediately with planned start of commercial operations in early 2025.

The project is of high importance in the Finnish energy transition in terms of size and as an example of new operating model where professional developers (OX2) take increased role to speed-up the transformation.

“This project is a good illustration of the magnitude and speed required in energy transition. Traditional utilities are now taking an even stronger role in the transition and they have all the capabilities to make bold and fast moves,” says Jouni Järviluoma, head of Energy Banking Finland.

OX2 is a Stockholm-based company that develops and sells wind and solar farms.