For investors seeking new markets, Finland offers a multitude of attractive opportunities in renewable energy. In fact, these opportunities are unique, even on a European scale.
Forerunner in renewable energy
In the overall use of renewable energy, Finland is one of the leaders in Europe: renewable consumption as a share of gross final energy consumption is at 33%, when the EU-average is 8.7%. Still, Finland is committed to further increasing the share of renewables, up to 38% by 2020.
To reach the target, the share of renewable consumption must be increased by 30 TWh within a decade, which entails increasing the usage of biomass for energy by 16 TWh, wind energy by 6 TWh and heat pumps by 2.6 TWh. For the time being, the usage of biogas and wind as energy sources remains low in Finland, but an intense increase in their share is expected over the next few years.
Project pipeline of 8900 MW
A large number of wind power parks are planned for Finland, both off-shore and on-shore. At present, the production planned for Finland totals 8900 MW, of which off-shore projects account for 34 per cent, and on-shore, 66 per cent. The capacity installed so far totals only about 300 MW.
In the future we foresee excellent opportunities for larger international renewable energy producers and investors as well as construction, operation and maintenance companies. Several international & domestic companies have already entered the market to develop parks and supply wind turbines.
Finland’s strategic objective of increasing renewable energy sources’ share of energy production to almost 40 per cent by 2020 means that the country will emerge as one of the most attractive investment targets in the field in Europe – and not only due to the increasing share of wind power. In addition, this entails investments in various biofuels and increasing the utilisation of waste for energy, not to mention a variety of new technologies for enhancing energy efficiency.
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