Axpo signs long-term PPA for two wind farms in Finland

15.10.2019 - Axpo is further expanding its business in the field of long-term power purchase agreements (PPA) for renewable energies in the Nordic region: The company’s subsidiaries Axpo Nordic AS and Axpo Finland Oy have agreed to buy the full output generated by the 30 MW Kröpuln and the 30 MW Storbacken wind farms currently under construction in Finland’s Ostrobothnia region. After having signed several long-term PPAs in Sweden in the past months, this PPA is a major step for the company’s business in Finland.

In Finland, renewable energy sources represent approximately 40 per cent of energy end-consumption. The Finnish Government’s National Energy and Climate Strategy to 2030 aims to increase the use of renewables to more than 50 per cent of energy end-consumption during the 2020s. Finland’s onshore wind market continues to see high levels of investor demand and a clear trend towards PPAs.

That’s why the Finnish market has become more and more interesting for Axpo. As a leading marketer of power from renewable energies in the Nordic region, the company concluded the PPA for the Kröpuln and Storbacken wind farms with the experienced Nordic renewable energy developer OX2 which acts as the project’s asset manager throughout construction. The Kröpuln and Storbacken wind farms will be powered by 14 turbines generating about 206 GWh of clean energy per year, which is enough to power 120,000 homes. Commercial operations could begin in the fourth quarter of 2021.

Matti Ahtosalo, Managing Director Axpo Finland, comments: ”We are pleased to demonstrate our ability to offer PPAs for non-subsidised Finnish wind projects as Axpo has offered in other Nordic countries. We are keen to utilise our expertise in concluding power purchase agreements such as these in contribution to further promoting the expansion of renewable energies in general and wind power in particular.”

Paul Stormoen, CEO of OX2 said: “We are very pleased to have been part in facilitating the PPA transaction with a successful outcome for all involved. The transaction shows that onshore wind in Finland is competitive on market terms.”

Axpo Nordic was founded back in 2003. The focus of the business activities is on long-term power supply and purchase agreements. Besides the PPA business, Axpo Nordic specializes in developing tailored products for its customers, such as retailers, industry, and producers, and provides corresponding services. The local business activities in the Nordics are part of Axpo’s strategy of constantly expanding its international presence and business specializing in tailor-made energy solutions. Meanwhile, Axpo is present in 28 countries and active in 39 markets in Europe and the United States.

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