New JV to exploit Finnish wind power potential

UPM and Element Power have established a joint venture (JV) company to develop wind power facilities at a number of sites across Finland, on land leased from UPM.

The aim of the JV is to develop the best suitable land areas owned by UPM to be ready for wind power production. UPM owns approximately 850,000 hectares of land in Finland.

“UPM is looking to develop a number of areas that could be suitable for wind power on our land,” confirmed Matti Oksanen, director, UPM Energy, New Energy Ventures.

“After establishing a Finnish team in 2012, with ambitions to develop wind farms in Finland, we are very excited to be working with UPM to develop sites on [its] land,” says Mike O’Neill, president and COO, Element Power (pictured right).

“This represents Element Power’s most significant investment to date in Finland.”

The goal of the Finnish climate and energy strategy is to use wind power to produce 6 per cent of total electricity consumed by 2020. The production target is 6 TWh, which would require a total capacity of around 2500 MW. This is the equivalent of approximately 900 turbines.

At the end of 2012, almost 300 MW of wind power capacity had been installed in the country.

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