Energy, Estonia, EU – Baltic States, Investments

Enefit Green entered into an agreement with the Finnish state-owned company Metsahallitus, which creates a chance in the future to develop the Tolpanvaara wind farm in Finland, Eesti Energia said.

According to Aavo Karmas, the CEO of Enefit Green, the company is constantly on the lookout for growing its renewable energy portfolio in Baltic Sea states where Eesti Energia is already operating. In March Eesti Energia started selling electricity to domestic consumers on the Finnish market, but the goal is to also start producing renewable energy in Finland.

"We see developing the Tolpanvaara wind farm in Finland as one possibility. According to the agreement Enefit Green will start investing in the development of Tolpanvaara if the thematic plan is successfully approved in the next year and a half. If Enefit Green should decide to invest in the wind farm, the size of the possible investment would be around 100-150 million euros," Karmas said.

"Metsahallitus develops wind energy projects in Finland as well as abroad. We are glad to have found a company that is ready to bring to life the Tolpanvaara wind farm project," head of the real estate development unit of Metsahallitus, Tuomas Hallenberg, said.

The capacity of the planned wind farm would be nearly 100 megawatts.