Finland Starts Partner Selection Process for 1.3 GW Offshore Wind Project

Finnish state-owned enterprise Metsähallitus is releasing preliminary market information and launching its partner selection process for the planned 1.3 GW Korsnäs offshore wind power project.

Metsähallitus said it is looking for a responsible and experienced partner to accelerate the development, construction, and operation of the wind farm.

The enterprise will invite both domestic and international investors into the selection process. The offshore wind power project is estimated to reach commercial operation in 2028 at the earliest.

The selected partner, a company or a consortium, is required to demonstrate the necessary know-how, resources and experience in the successful development, construction and operation of offshore wind power projects with a considerable investment value and scale, the manager of Finland’s land and water areas said.

The selected partner is required to represent responsible and sustainable business practices. The partner must also have the ability to work on a project that involves many stakeholders at different levels of Finnish society given the project’s national importance to achieve the country’s renewable energy targets.

The selection of a partner for the project will be realised through a competitive bidding process. After the indicative bid submission, a shortlist of potential parties will be invited to continue in the process and submit a binding offer, following which a preferred bidder will be selected. The project will comply with the EU’s sustainable funding criteria and tendering procedures.

Metsähallitus’ goal is to complete the selection of a partner during 2022. Information on the parties or bids participating in the auction process is not public and no additional information will be provided on the progress of the process.

The Korsnäs offshore wind farm is being planned in the state’s territorial waters located some 15 – 30 kilometres from the coast. This will be one of the first large-scale offshore wind farms in Finland.

The estimated capacity of the wind farm corresponds to about half of Finland’s current wind power capacity at the end of 2020.

Metsähallitus will act as a project developer in the project and will remain as the lessor of the offshore wind farm post-exit. Ownership of the area will remain with the state.