For the first time since November 2010, Finnish government announced a project by the end of their renewable strategy in Europe.
The total investment for the two parks is about 360 million euros (407 millions); where 216 million ($60%) will be borne by Fortum, who will maintain the same share of the projects, while the Finnish energy company Helen Ltd takes over the rest.
"This is our first coal pipeline project with Fortum, and it marks a major milestone," said Frank Possmeier, Executive Vice President of Fortum and Uniper's wind and solar business.
Construction of the offshore parks planned for the new land in Naerpes is planned to begin in January, and are expected to be fully operational in the second quarter of 2024 at the latest.
Fortum, who is equivalent to 77 percent of Uniper's population, has signed a power purchase agreement with Helen, under which it will buy half the parks' generated power.
Fortum and Uniper announced plans to build up to 2 gigawatts of onshore and solar capacity by 2025 as part of a new carbon neutral strategy.
That'll include around 1.5 billion euros of investment, told Reuters. Possmeier added that the goal was to save 150-200 MW of the smallest level to a stage where they could be built in 2022.
In Europe, the single-stage project pipeline, as well as early-stage developments, is more than five GW, he said, less than large utility and oil rivals who are all expanding into renewables industry.
"The biggest challenge is competition, translates into the same margin pressure," Possmeier said. It showed that there were still room for newcomers and established players.
(1 =.9839 euros)