Finnish Company Eyes Demerger of Offshore Wind Projects

Business & Finance

March 8, 2024, by Adnan Memija

Finland’s Suomen Hyötytuuli will conduct a full demerger, transferring its wind farms to a new firm of the same name, while Tahkoluoto Offshore Oy will take ownership of the Tahkoluoto demonstration and extension project, the world’s first offshore wind farm in frozen sea conditions, as part of efforts to strengthen offshore wind production.

To prepare for a significant rise in energy production and investments in offshore wind, Suomen Hyötytuuli has decided to carry out a demerger, said the company. The firm’s wind energy production and ongoing projects will continue without interruption throughout the demerger.

“The demerger will allow for cost-efficient and flexible use of resources and wind energy expertise, as well as open up possibilities for further development of ownership structures and investment partnerships,” according to Suomen Hyötytuuli.

The demerger process, initiated with the filing of the plan with the Finnish Patent and Registration Office on 8 March, is scheduled to be completed by the end of summer 2024.

Suomen Hyötytuuli’s onshore wind farms and the current Tahkoluoto offshore wind farm will be owned by the new Suomen Hyötytuuli Oy. The Tahkoluoto demonstration and extension project will be transferred to Tahkoluoto Offshore Oy.

Both companies will buy wind farm life-cycle services, such as development, construction, operation and maintenance, and dismantling services from Arenso Oy and the current personnel of Suomen Hyötytuuli will be transferred to the company.

The three new companies will be owned by Suomen Hyötytuuli’s current owners: Alva-yhtiöt Oy, Helen Oy (Oy Mankala Ab), Lappeenrannan Energia Oy, Lahti Energia Oy, Oy Turku Energia – Åbo Energi Ab, Pori Energia Oy, Tampereen Energia Oy and Vantaan Energia Oy.

YOU MIGHT ALSO LIKE

Toni Sulameri, Managing Director of Suomen Hyötytuuli, will act as Managing Director for Arenso Oy, Suomen Hyötytuuli Oy, and Tahkoluoto Offshore Oy.

”Developing, building and investing in offshore wind energy differs greatly from onshore wind projects. We will continue with our tried and tested models for onshore wind production, and the new company structure will heighten our potential in offshore wind,” said Sulameri.

The Finnish company currently has three onshore wind projects under construction and several others in development, including the Tahkoluoto offshore wind farm extension project.

Tahkoluoto is Finland’s first offshore wind farm and at the same time, the world’s first offshore wind farm built for freezing sea conditions.

The expansion project will comprise a total of 40 wind turbines of over 15 MW, and the project’s estimated completion date is 2027. The annual production of the expansion is estimated to reach 2,000 gigawatt-hours.