The Swedish utility Vattenfall has entered a joint venture with the Finnish state-owned enterprise Metsähallitus to develop, build and operate a 1.3 GW offshore wind project which will be located near the city of Korsnäs off Finland’s west coast. The Korsnäs wind project, which will produce about 5 TWh/year of electricity, is estimated to require an investment between €2bn and €3bn and is expected to be completed in the early 2030s. The project was selected in the first of several upcoming international offshore wind tenders to be carried out by Metsähallitus, which manages the land and water areas of Finland.
At the end of 2021, Finland had only about 73 GW of installed offshore wind capacity (and 3 GW of onshore wind). The country currently has 4.6 GW of wind projects under construction and over 16 GW under development, including an up to 2.1 GW offshore wind project in Åland developed by the Finnish company Ilmatar. Finland has set the goal to reach net zero emissions by 2035 and reach 50% of renewables in the country’s final energy consumption by 2030.
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