24 May 2023
Today's Top Nordic Green News:
- CIP to invest billions in Finnish wind power projects
- Neoen and Prokon begin construction of two wind farms in Finland
- Plagazi partners with Petrofac for development of Swedish hydrogen park
CIP to invest billions in Finnish wind power projects
Finnish company Myrsky Energia and Danish investor Copenhagen Infrastructure Partners (CIP) have announced a partnership to develop over 30 wind power projects totaling around 5,000 megawatts in Finland. The collaboration, representing the largest investment in onshore wind power in Finland to date, aims to capitalize on Finland's favorable wind resources and ambitious climate targets. The political environment in Finland, characterized by facilitation of permitting processes and high goals, has attracted investors. The investment of approximately EUR 2.3 billion will be sourced through CIP, which is seeking additional investors in Finland.
Neoen and Prokon begin construction of two wind farms in Finland
Neoen and Prokon have commenced the construction of two wind farms in Finland, Storbötet (105 MW) and Lumivaara (56 MW). The wind farms are expected to be operational by 2025 and are supported by 10-year PPA with Equinix, ensuring 60% and 80% coverage for the energy generated by Storbötet and Lumivaara, respectively. With these projects, Neoen's renewable energy capacity in Finland reaches over 700 MW.
Swedfund invests USD 10 million in climate and digitalization for sub-Saharan Africa
Swedfund, a Swedish development finance institution, has invested USD 10 million in the "E3 Low Carbon Economy Fund I" managed by E3 Capital. The fund aims to support renewable energy, climate and digitalization investments in sub-Saharan Africa, particularly in countries like Kenya, South Africa, Ghana and Nigeria. Investments will primarily target early-stage companies, with the aim of fostering socioeconomic development, promoting digitalization and enhancing access to sustainable energy in the region.
Stora Enso pilots biodiversity premium program to promote forest conservation in Finland
Stora Enso, a Nordic forestry company, is conducting a pilot project in Finland to offer a biodiversity premium to forest owners. Through this service, forest owners are rewarded for taking actions that promote biodiversity in their forests. The premium is based on the decision of forest owners to leave more retention trees and high stumps during harvesting, exceeding the minimum requirements of PEFC certification. The pilot project, initially tested in the Varkaus area, has now expanded to other regions. The premium amount is EUR 0.5 per cubic metre, and the pilot phase will determine the feasibility of extending the service nationwide.
Candela C-8 Polestar Edition
Polestar and Candela have partnered to create the Candela C-8 Polestar edition, a luxury electric hydrofoil boat. It combines Scandinavian design with innovative technology and performance. The electric boat utilises batteries and charging technology from Polestar and offers a range of up to 57 nautical miles at a cruising speed of 22 knots. The hydrofoils reduce water friction, resulting in a longer high-speed range compared to traditional electric speedboats. The boat is silent and smooth when foiling, thanks to Candela's foil technology. The C-8 Polestar edition is available in different versions and can accommodate up to eight people. Pricing starts at EUR 400,000, with deliveries expected from June 2024.
Soltech subsidiary wins SEK 14 million order for solar energy and roofing project
Soltech subsidiary, Annelunds Tak, has secured an order worth approximately SEK 14 million. The order involves both solar energy and roofing services and is commissioned by the construction company Byggarvid. Annelunds Tak will be responsible for roof installation and the installation of a 2,700 square meter solar power plant at a production facility in Nässjö. The completion date for the order is not specified in the press release.
Plagazi partners with Petrofac for development of Swedish hydrogen park
Plagazi announces a partnership with Petrofac for the development of the Köping Hydrogen Park in Sweden. Petrofac, a provider of services to the global energy industry, has been chosen as the partner for the initial groundwork phase. Petrofac's engineering and consulting team will work closely with Plagazi's engineers in Gothenburg to define the facility's boundaries and refine its design. The partnership will deepen the understanding of the project and pave the way for future collaboration. Plagazi aims to revolutionise green hydrogen production by converting waste into hydrogen using plasma combustion and patented technology.
Political agreement paves way for Denmark's hydrogen system
A new political agreement in Denmark has set the stage for the development of a robust hydrogen infrastructure. Energinet and Evida, two major players in the Danish energy sector, will have key roles in establishing the pipeline infrastructure necessary to support the hydrogen economy. Energinet will focus on connecting cross-border hydrogen infrastructure and storage, while Evida will be responsible for connecting domestic hydrogen producers and consumers. The agreement aims to position Denmark as a major exporter of hydrogen, support the PtX industry and enable the use of green hydrogen in various sectors such as industry, transportation and shipping. The companies will now begin concrete planning and discussions with relevant authorities to move the hydrogen system forward.
Energinet, EnergiWatch, EnergiWatch
Finnish Business Confederation calls for rapid expansion of wind and solar power to support industrial projects
The Finnish Confederation of Business and Industry (EK) highlights the need for a significant increase in clean electricity production, particularly from onshore and offshore wind power and solar energy, to support industrial projects and job creation in Finland. Planned low-emission investments in the country have already surpassed EUR 85 billion, with nearly 200 green economy projects being monitored. However, the successful realisation of these projects depends on government decisions and the availability of emission-free electricity. The EK emphasises the economic benefits of wind and solar power investments, including job creation and the potential for smaller towns to thrive. It calls for stable investment environments, national goals for offshore wind and solar power, streamlined permitting processes and promotion of electricity storage and transmission connections.
What we’re reading
- US and EU lawmakers call for designated head of COP28 talks to be removed (Euronews)
- CEO of biggest carbon credit certifier to resign after claims offsets worthless (The Guardian)
- UK set to lose solar investment after developer criticises lack of incentives (Financial Times)
- Boeing CEO warns climate-friendly biofuels will ‘never achieve the price of jet fuel’ (Financial Times)
- Aviation will need €300bn for EU green hydrogen switch, study finds (Financial Times)
- German coalition in crisis over plans to ban gas boilers (Financial Times)
- German chancellor doesn’t expect major changes to plans for gas boiler phaseout (Clean Energy Wire)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
Powered by Notified