Construction starts immediately

The consortium formed by Kymppivoima, Oulun Energia, and Kuopion Energia has signed an agreement with the renewable energy company OX2 on the implementation of a 455.4 MW wind farm in Lestijärvi. Oulun Energia's share of the project is 25 per cent.

This is the largest wind power project in Finland. The annual energy production will be over 1.3 terawatt hours, which corresponds to approximately two per cent of the total electricity production in Finland in 2020. Upon completion, the Lestijärvi wind farm will produce a significant amount of renewable energy for Finnish households.

Oulun Energia's share of production is one quarter, or about 320 GWh. The amount of electricity coming from Lestijärvi to Oulun Energia corresponds to the annual electricity consumption of as many as 70,000 households (5,000 KWh/household).

The volume of Oulun Energia's wind power will triple compared to production in the current year. In 2021, the total amount of wind power purchased through Oulun Energia's long-term power purchase agreements and an affiliated company is approximately 180 GWh.

“We believe that the need for electricity will increase considerably in the future. Wind power is renewable and, in addition, it’s the most cost-effective way of producing electricity,” says Juha Juntunen, CEO of Oulun Energia. “Investing in wind power is a significant investment in renewable energy, and it supports Oulun Energia's carbon neutrality goal.”

The purchase price of the Lestijärvi wind farm is approximately EUR 650 million, which also includes the production management of the wind farm. A total of 69 wind turbines will be built in the wind farm, with a maximum height of 240 metres. The wind farm is expected to be completed by the end of 2024.

“It’s great to have Finnish energy operators as owners of Finland's largest project,” says Teemu Loikkanen, regional manager at OX2, who continues: “This is also a concrete step towards a green transition as the energy sector invests more and more in renewable energy.”

OX2 will implement a turnkey soloution at the wind farm. After construction, it will remain responsible for the technical and financial management of the wind farm. The construction work has started for the 400 kilovolt power line for electricity transmission, which will be built from Lestijärvi to Alajärvi. In addition to the Lestijärvi wind farm, OX2 has 71 wind turbines under construction in Finland and is responsible for the technical and commercial management of 79 existing wind turbines in Finland.

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Consortium in brief

The consortium consists of the Finnish energy operators Kymppivoima, Oulun Energia, and Kuopion Energia. Of these, Kymppivoima's share of the investment is about 65 per cent, Oulun Energia’s 25 per cent, and Kuopion Energia’s 10 per cent.

Oulun Energia was founded in 1889, and today we employ 240 energy professionals. Our revenue is EUR 228 million. In addition to the parent company Oulun Energia Oy, Oulun Energia Sähköverkko Oy, Turveruukki Oy, and Huoltovoima Oy belong to the Oulun Energia group. The company's solid foundation lies in energy production and in ensuring that heat and electricity have a safe way to reach people. We are also determined to build a sustainable future based on the circular economy. We take responsibility for people and our environment, and our goal is to achieve carbon neutrality in our energy production in 2035.

Kymppivoima is a company owned by several municipal electricity companies. Its owners include Kymenlaakso Sähkö Oy, Suur-Savon Sähkö Oy, Savon Voima Oy, Oulun Seudun Sähkö, Iin Energia Oy, KSS Energia Oy, Ounastuotanto Oy, Pohjois-Karjalan Sähkö Oy, and Tornionlaakson Sähkö Oy.

The Kuopion Energia Group consists of the parent company Kuopion Energia Oy and the subsidiary Kuopion Sähköverkko Oy.

OX2 develops and sells wind and solar power plants. Since 2004, it has taken the lead in building large-scale onshore wind power, implementing around 2.5 GW of wind power in Finland, Sweden, Norway, and Poland for Allianz, Ardian, and IKEA, among others. Between 2014 and 2020, OX2 implemented more onshore wind power in Europe than any other operator. By increasing the availability of renewable energy, OX2 promotes the transition towards a more sustainable future. OX2 operates in Finland, Sweden, Norway, Poland, France, Lithuania, Spain, Italy, and Romania. The company is headquartered in Stockholm. In 2020, its revenue was SEK 5,201 million, and its profit was SEK 416 million. OX2 is listed on the Nasdaq First North Premier Growth Market.

For more information, go to www.ox2.com

About the Lestijärvi wind farm project:

• Wind turbines: 69 wind turbines with a rated power of 6.6 MW, a maximum height of 240 metres and a rotor diameter of 170 metres
• Annual energy production: over 1.3 TWh, corresponding to the annual electricity consumption of around 280,000 households (5000 KWh/ household)
• Estimated commissioning date: early 2025
• Main subcontractors: Keski-Suomen Betonirakenne (infrastructure works), Hitachi Energy, Vaasa (transformers), Eltel (power lines)