Pan-European renewable energy company Renewable Power Capital (RPC) has announced plans to co-develop up to 1 GW solar PV capacity in Finland in partnership with local developer Aurinkokarhu Oy. This is the maiden solar investment in the country for RPC that’s backed by the Canadian Pension Plan Investment Board (CPP Investments). 

Calling Finland as one of its key markets, RPC is already present in the country with 170 MW operational onshore wind capacity. Another 50 MW battery energy storage system (BESS) is under construction. 

“We made our first investment in Finland when RPC was set up and it remains a priority market for RPC,” said RPC CEO Kevin Devlin. “It’s an exciting time to enter this fast-growing sector with such an established development partner as Aurinkokarhu, there’s huge potential for solar power in this region and we look forward to working with them to support the Nordic energy transition.” 

Initial projects in the 1 GW solar partnership are planned to reach the ready-to-build (RTB) stage by 2026. These will become operational 2028 onwards. 

Its foray into the country’s solar market helps it diversify its Nordic portfolio with the addition of development projects. 

Recently, RPC signed a 1 GW battery storage partnership in Italy with Altea Green Power. The company counts its BESS pipeline in Europe at more than 5.5 GW. 

In March 2021, RPC announced a 50:50 joint venture with Benbros Solar for 3.4 GW of solar PV projects in Spain (see New Joint Venture Announced For 3.4 GW Solar In Spain). 

According to Rystad Energy, Finland targets to grow its onshore wind capacity from 5 GW in 2022 to 20 GW by 2030. Solar PV will add only 800 MW new capacity by 2030 (see 3 Nordic Nations To Add 12.8 GW Solar PV Capacity By 2030). 

However, going by the private sector plans, the growth should be much more. Finnish investor Korkia with Solmar Consulting announced plans in December 2022 to bring online 1 GW solar capacity in Finland by 2027 (see 1 GW Solar PV Partnership Announced In Finland). 

Earlier in May 2022, Denmark’s Better Energy, in partnership with Forus, said it will install more than 1 GW grid-connected solar power capacity in Finland (see 1 GW+ Solar PV Partnership For Finland). 

Under its draft National Energy and Climate Plan (NECP) submitted to the European Commission in June 2023, Finland does not specify a national target level for renewable energy and energy efficiency. The country says it plans to carefully assess its targets in accordance with the government’s climate and energy policy guidelines. The targets will be reported to the commission by June 2024.