Whilst certain areas in Scandinavia were amongst the first to embrace the transition to green energy, several countries are still experiencing high rates of growth. An example of this is Finland which has set new records of green energy growth in recent years. A significant factor behind the growth in Scandinavia was the increased Government funding, such as the Norwegian sovereign fund which currently manages $1.3 trillion and was granted approval to make direct investments in green energy in 2020. However, a key factor for growth remains on IPPs to supplement government-backed projects. Rystad Energy predicts for the capacity to grow to 74GW from 30GW by 2030 in Sweden, Finland, and Denmark. In this article, we will investigate 3 IPPs based in Scandinavia that will play a key role in the green energy transition.
1) Emergy AS – Wind and solar IPP based in Oslo
Emergy is a wind and solar IPP that aim to increase the current green energy supply thanks to projects dispersed across Europe such as Serbia, Norway, Sweden, and Ukraine. The Oslo-based group aims to become one of the leading IPPs in Europe. By 2026, Emergy is aiming to have an installed capacity of 1.6GW of solar and wind projects.
2) Ilmatar Energy – Wind and solar IPP based in Helsinki
The Helsinki group were established with the goal of becoming the owner of one of the largest green energy portfolio located in the Nordics. Ilmatar currently manages a portfolio consisting of 26 wind projects and is striving towards expanding this number. In February 2023, the group announced plans to develop a 40MW solar project located in western Finland. The project represents the group’s intent for further expansion and is an addition to the permit Ilmatar secured in January for two offshore projects in a 700 sq km zone located off the coast of Finland.
3) Norsk Solar – Solar IPP based in Stavanger, Norway
The Norwegian solar specialists develop, build and own solar parks for corporate and industrial clients. Currently, the IPP has 107MW of green energy in operation, construction, or ready-to-build. Norsk Solar has adopted the PPA model to enable quicker growth levels as well as secure capital for projects. The group aims to maintain this level of growth and by 2025 have over 2GW of solar projects under management.
Image Source: Nuno Marques via Unsplash (23.02.2023)