EU Renewable Energy Mechanism Awards EUR 27.5 Million to Finnish Solar Projects
The European Union’s renewable energy financing mechanism, RENEWFM, successfully concluded its first tender on September 27, 2023, awarding funding to eight solar photovoltaic (PV) projects in Finland, with a total capacity of 282.77 MW. Seven of these projects have since signed grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA), marking the start of their implementation.
The first project to sign was Loukkaanaro in March 2024. This 20 MW ground-mounted solar park, located in Utajärvi's Loukkaanaro, is supported by RENEWFM with over EUR 2.3 million. Scheduled for completion in 2025, it will be the largest PV solar project in northern Finland, reducing CO2 emissions by approximately 1,540 tons annually over its 30-year lifespan.
The remaining six projects, which signed their agreements in April and May 2024, are detailed as follows:
- Niittyneva Solar Park: An 8 MWp solar power plant in Nivala, Central Finland. Supported by EUR 837,000, it will produce around 7,240 MWh per year starting February 2025.
- Ohrasuo Solar Park: A 7.8 MWp solar power plant in Savonlinna, Eastern Finland. Supported by EUR 990,000, it is expected to generate approximately 7.2 GWh annually beginning April 2025.
- Koirivaara Solar Park: A 30 MWp solar power plant in Tohmajärvi, North Karelia. Awarded EUR 5.2 million, it aims to produce 27.2 GWh annually starting January 2026.
- Honkisaarenneva PV Solar Park: A 33 MWp solar power plant on a peat bog in Kuortane, South Ostrobothnia. With EUR 4.1 million in support, it showcases advanced solar technology.
- Kuortane Solar: A 74.03 MWp solar PV plant in Leppälänkylä, South Ostrobothnia. Supported by EUR 9.9 million, it will produce 67.6 GWh annually, reducing CO2 emissions by 3,650 tons each year.
- Pöytyä Solar: A 40.16 MWp solar PV site in Pöytyä, Southwest Finland. Supported by EUR 4 million, it will generate 40.16 GWh annually, cutting CO2 emissions by 2,169 tons each year.
The total EU support for these projects amounts to EUR 27.5 million, promoting renewable energy uptake in Finland and contributing to the EU’s overall renewable energy targets.
