Finland's Enersense preps for onshore wind, green H2 expansions

Wind farm. Author: Dirk Ingo Franke. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

December 21 (Renewables Now) - Finnish zero-emission energy solutions provider Enersense International Plc (HEL:ESENSE) has sealed a deal to buy onshore wind farm developer Megatuuli Oy for EUR 18.5 million (USD 20.8m) in stock, whilst advancing its green hydrogen sector entry.

Enersense is buying Megatuuli in order to expand its role in the value chain for renewable energy projects. The move adds project development capabilities to its existing offerings in wind farm design and construction services.

Megatuuli focuses on the early-stage development of onshore wind projects in cooperation with its partners. Together, they have about 3 GW of projects in progress or in the feasibility study phase in different parts of Finland. So far, a total of seven wind projects have been developed and built or are under construction by the firm and its partners, representing a total investment of around EUR 250 million. In the fiscal year from April 1, 2020 to March 31, 2021, Megatuuli registered a turnover of EUR 0.5 million.

“Upon completion of the Share Transaction, we will begin to develop wind farms in cooperation with Megatuuli’s partners and will participate in their construction and possibly in their contracting. We will also seek to partly serve as owners of wind farms and produce zero-emission energy,” said Jussi Holopainen, CEO of Enersense. He added that Megatuuli will seek to add 1,000 MW of wind capacity by 2025 in cooperation with partners.

Subject to fulfilling certain conditions, the transaction should close in January 2022.

Meanwhile, Enersense is getting itself involved in the construction of Finland’s first green hydrogen production plant. Earlier in December, the company announced it has agreed to invest between EUR 13 million and EUR 18 million in P2X Solutions Oy, the firm behind said project. Enersense said it would want to be a primary partner in the construction of the 20-MW facility in Harjavalta if the Ministry of Economic Affairs and Employment decides to support the project financially.

On Monday, Enersense unveiled that the ministry had indeed granted investment support of about EUR 26 million so that P2X can build Finland’s first green hydrogen production plant and a methanation unit in Harjavalta. The goal is to initiate building works next autumn and have the facility commissioned in the first half of 2024.

(EUR 1.0 = USD 1.126)

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