Wind energy represents a key component in Europe’s net-zero transition, a survey by Eurostat showed that wind energy represented 37% of renewable energy developed in Europe in 2021. The Baltic region represents a huge opportunity for developers to increase this proportion due to the offshore potential the region possesses. In August 2022, the countries around the Baltic Sea committed to increasing the current capacity of offshore wind from 2.8 GW to 19.6 GW by 2030. It is clear there will be further expansion once this goal has been achieved, as it is estimated there is a potential installed capacity of 90GW in this region. Therefore, it is no surprise that several big-wind investors have come to the forefront to spearhead this transition.
1) Ilmatar Windpower – Wind developer and investor located in Finland
Ilmatar aims to operate and own one of the largest renewable energy portfolios in Finland and the Nordics. Currently, the group has 26 onshore wind projects in operation and numerous future projects in the pipeline. In November 2022, the group announced plans to develop a 2.1GW offshore wind project north of Aland. Project Sunnanvind has the potential to produce 31TWh annually and the group is working with the government of Aland to try and progress their ambitions.
2) Eesti Energia – Solar and Wind investor based in Estonia
Eesti Energia is a fast-growing renewables investment firm, in 2022 the group invested €124m which was more than double the investments made in 2021. By doing so, the Estonia-based group has gained the second-largest market share in Latvia and Lithuania. In December 2021, the Estonian group acquired a 72MW wind project in Tolpanvaara, Finland. The 13-turbine site will be complete by the end of 2023 and a PPA has been negotiated with Enefit Green. The acquisition represents a cornerstone in the group’s ambitious plan to invest €2.5bn over a 5-year period, with €1.5bn going towards wind and solar projects.
3) Green Genius – Wind, solar, biomass, and hydrogen developer and investor based in Lithuania
The Lithuanian group is a global renewable energy developer and investor. To date, the group has developed projects in 8 European countries: such as Spain, Italy, Poland, and Lithuania with a total installed capacity of over 220MW. Green Genius announced plans in August 2022 to invest €750m in renewable projects by 2024. These projects located in Lithuania will add a further 700MW to their installed capacity, which will contribute to 10% of Lithuania’s total electricity requirement.
Image Source: Nicholas Doherty via Unsplash (04.02.2023)