FRV enters Finnish market with 600MW solar PV portfolio

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Fotowatio Renewable Ventures (FRV) enters Finland with a 600MW solar PV portfolio.
PV projects in the Finnish portfolio are expected to reach ‘ready to build’ status between 2024 and 2026. Image: FRV

Renewables developer Fotowatio Renewable Ventures (FRV) has entered the Finnish market with the intention to develop 600MW of solar PV.

This also marks the company’s first foray into the Nordics, and as such has partnered with local operator Will & Must.

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The solar PV portfolio consists of several projects which are expected to reach the ready to build phase between 2024 and 2026.

Solar PV has the potential to be a useful addition to wind-driven markets, with efficiency of solar cells improving in cold environments, according to FRV. The Finnish government is aimingto reach 2.8GW of installed solar PV capacity by 2030 in its latest national energy and climate plan (NECP), more than doubling the previous target.

Trade association SolarPower Europe, on the other hand, expects the country to deploy over 10GW of solar capacity by the end of the decade.

Andrea Fontana, managing director of FRV Europe, said: “We are delighted to offer our international experience and expertise in a promising new market like Finland. This is one of the most promising markets for renewable energy and we are convinced that our offer will be in high demand.”

Interest in Finland and other Nordic markets continues to grow for solar PV, which is an “untapped” market according to Warren Campbell, chief operating officer and deputy CEO at independent power producer (IPP) Alight. Last September, the IPP expanded to Finland, with the intention to build a solar project with a capacity of over 100MW.

In January, Finnish fund manager Taaleri Energi secured €100 million (US$109 million) from the European Bank for Reconstruction and Development (EBRD) to build a 1.9GW portfolio of renewables across Europe and the US, including in the Nordics.

With the entrance in the Finnish market, the renewables developer increases its presence in Europe where it is already present in Spain, Italy, the UK, Greece and Poland. Outside of Europe, the company also has projects underway in Chile, Brazil, Australia, New Zealand, Mexico, Armenia and Jordan. FRV has a global pipeline of more than 24GW capacity in different stages.

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