30 November 2021

Skarta purchases 100 ha peat bogs: Plans to launch solar park in Finland

Skarta Group’s subsidiary, Skarta Energy Oy, has acquired more than 100 hectares (ha) of peat bogs with the plan of building Finland’s largest solar park in Utajärvi municipality. The 100 MW solar park will require circa €50 million in investments and is expected to generate circa 100,000 MWh electricity annually. The decision to execute on the project plan is expected in 2Q22, with construction of the park to be completed one year after the decision. The solar park is part of Skarta’s strategic vision to expand its organisation within wind-, solar- and hydrogen solutions (Arvopaperi).

Ørsted signs 12-year CPPA for offshore wind power in Germany

Ørsted and Google have signed a 12-year Corporate Power Purchase Agreement (CPPA), under which Google will offtake 50 MW from Ørsted’s Borkum Riffgrund 3 Offshore Wind Farm in Germany. Borkum Riffgrund 3, located in the German part of the North Sea has a total installed capacity of 900 MW and is expected to began commercial operations in 2025. With the signed CPPA, Google will contribute towards securing revenue for Ørsted, as the wind farm is unsubsidised by the government, and mature the Borkum Riffgrund 3 project towards a final investment decision expected by 2021. Conversely, Ørsted will contribute to Google’s commitment of operating all its data centres, cloud regions and campuses on carbon free energy by 2030 (Press release).

European Energy 3Q21 report: 27 renewable energy projects under construction

European Energy has finished an intensive third quarter with 27 ongoing renewable energy projects under construction across 7 countries, with a total energy capacity of 1.2 GW – almost a 400% increase from 3Q20.

• Revenue: €46.8 million (€40.7 million in 3Q20).
• EBIT: €-242,000 (€6.4 million in 3Q20).
• Cash flow from operating activities: €-71.6 million (€-29.9 million in 3Q20).

Despite positive momentum, European Energy has been affected by supply chain delivery shortages, postponing the completion of several of its projects from 4Q21 to 1Q22 or 2Q22 (Press release).

Sun4Energy Group AB 3Q21 report

Sun4Energy has presented its 3Q21 quarterly report, reporting an increase in net sales compared to the period January to September 2021.

• Net sales: SEK 16.3 million (SEK 28.9 million in Jan-Sep)
• EBIT: SEK -1.26 million (SEK -1.34 million in Jan-Sep)
• Cash flow: SEK -3.08 (SEK 0.39 million in Jan-Sep)

Sun4Energy is in an eventful period with preparations for its recent listing on the NGM Nordic SME (26 November 2021) at the centre of its focus according to Mattias Leijon, CEO of Sun4Energy (SvD).

What we’re reading

• Government to boost clean hydrogen production as No. 1 energy source by 2050 (The Korea Times)
• UK’s energy system is ‘broken’, warns industrial group (Financial Times)

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