Investments in offshore wind are being made all over the world as the energy crisis, escalating with the war in Ukraine and the need to get off fossil fuels, drives the green energy transition. This will improve the chances of mitigating global warming and reaching the 1.5 degrees Celsius target set by the Paris Agreement. The Finnish government’s ambitious target of a carbon-neutral Finland by 2035 is a strong statement on the importance of tackling climate change. Increasing wind power generation is one of the most important ways to ensure energy security and stability while reducing emissions and dependence on fossil fuels.
Finland is already a strong wind power country. By the end of 2022, more than 1300 wind turbines with a combined capacity of 5.7 GW have been built in Finland, around 3.5 times the capacity of the Olkiluoto 3 nuclear power plant. 2022 was a record year, with as much as 40 % of the above-mentioned wind capacity being built. Wind power accounts for about 10 % of Finland’s electricity generation and is expected to reach 25 % by 2030.
Wind power goes offshore
The world and the Baltic Sea region are all moving in the same direction – wind power is going offshore. Offshore wind conditions are excellent, and the locations have good scenic and operational conditions. It is easier to operate high-efficiency turbines at sea than on land, and the installation of large components at sea is straightforward, although it requires special skills and equipment.
Europe is an exceptionally strong offshore wind technology and market area. The European Commission has already set out a 2020 strategy for offshore renewable energy (COM(2020)741) and targets to build 60 GW of new offshore wind power by 2030, and 300 GW by 2050. Prospects for offshore wind energy in Finland and neighboring regions are excellent and the export potential is quite diverse.
Several offshore wind farm projects in the Baltic Sea region have been advancing, and significant investment decisions can be expected as early as 2024 onwards. The combined capacity of the projects in the Finnish coastal area and EEZ alone is around 8 GW, equivalent to well over half of Finland’s electricity consumption on a cold winter day, with a total investment value in the order of 12-16 billion euros. If the most significant project plans in the Baltic Sea, Åland and Sweden are also included, the combined target capacity will rise to almost 40 GW, with total investments in the order of 60-80 billion euros.
Finnish wind power expertise to the world
February saw offshore wind construction in Finland gathering momentum. On 9 February 2023, the Ministry of Economic Affairs and Employment committed 30 million euros to Suomen Hyötytuuli Oy for the offshore wind demonstration project planned for Tahkoluoto in Pori for the year 2023. The demonstration project is linked to the billion-euro expansion of the Tahkoluoto offshore wind farm in Pori planned by Suomen Hyötytuuli Oy, which was significantly advanced by the decision.
The companies in the Team Renewable Arctic Finland ecosystem, led by Gaia, will continue to work together again in 2023-24 to accelerate their international growth. The companies see the power of cooperation in reaching key companies worldwide and sharing Finnish offshore wind, energy and offshore expertise and new solutions in design, implementation, and smart operations. By February 2023, the following 22 companies have joined the ecosystem: ABB, Arctia, Aker Arctic, Boskalis Terramare, Danfoss, Destia, Enersense, EPV Energia, ESL Shipping, Finnish Sea Service, Fortum, Havator, Port of Kokkola, Meriaura, Olmar, Port of Pori, Savcor, Steerprop, Suomen Hyötytuuli, Sweco, Port of Raahe, VTT. If the criteria for joining are met, the deadline for participation is 31.3.2023.
We welcome old and new companies to join us!
