Financing for first Finnish merchant site

FINLAND: Developer TuuliWatti has made a final investment decision on a 21MW project in west Finland, which is set to be the first to be built without government support.

Tuuliwatti's Siikainen Jäneskeidas project also uses Vestas turbines
Tuuliwatti's Siikainen Jäneskeidas project also uses Vestas turbines

In a bid to make the Viinamäki project financially feasible, the developer will install Vestas’ new V150-4.2MW turbines, which will be among the highest-rated ever installed in Finland.

Tuuliwatti said the production cost of energy from the project will be below €30/MWh.

The firm also announced a shift in strategy to become a "full lifecycle service provider" for wind projects, able to provide turnkey services to investors.

The Finnish government, meanwhile, has passed legislation to set up technology-neutral auctions by the end of the year to source 1.4TWh-2TWh a year.

The auction for renewable energy sources, excluding hydro, will have a capped price of €53.5/MWh.

"Viinamäki's project is a major opening to us for a new era. We are also preparing for a technology neutral and market-driven time when different forms of production are no longer controlled by separate incentives," said Jari Suominen, CEO of TuuliWatti.

"We have long experience and strong expertise in the field of wind power. After completing our measurable investment programme, extending our operating area to life-cycle services is a natural step," Suominen added.

Tuuliwatti has roughly 500MW of operating wind capacity in Finland, according to Windpower Intelligence, the research and data division of Windpower Monthly.

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