Helen is strengthening its position in the wind power market: looking for European growth companies in addition to Finnish wind farm investments

Helen has for long produced wind power through its associated company Suomen Hyötytuuli Oy. In 2020, investment decisions were made on wind power production, as a result of which Helen’s wind power capacity will increase five-fold in 2022. Suomen Hyötytuuli is building two new wind farms, and Helen is building its own, new wind farm with CPC Finland.

There are currently several ongoing wind power projects in Finland, and Helen wants to be involved in them. The objective is to increase wind power shares through associated companies and with direct ownership. The company is interested in both onshore and offshore wind.

“The energy market is undergoing a transition, and the production is reforming strongly as a result of carbon neutrality targets. Helen is seeking solutions not based on combustion in order to replace fossil fuels. We are studying, for example, industrial waste heat and the utilisation of sea water in the production of district heat. More wind power is needed along with the electrification of heating, and we want to be building it ourselves. We also want to develop the energy market through new innovations, which are offered especially by growth companies,” outlines Harri Mattila, Helen’s director responsible for energy procurement and wholesale.

Aiming to invest in European growth companies in the wind power sector  

Wind power has already established its position in electricity production: it is utilised and built widely throughout the world. There are many interesting alternatives and also many new innovations in projects related to wind farms, for example, potential electricity storage facilities or solar power plants in connection with wind farms. Electricity storage facilities can be used for balancing the rapid variations in wind speed or low wind conditions. Digitalisation and artificial intelligence are also taking wind power production forward.

“A strong line of growth companies has developed around wind power, offering potential for service development and new innovations. Digitalisation plays a key role also in wind power production. For example, with artificial intelligence, it is easier to optimise wind power when the amount of wind power of variable output grows significantly. We are interested in growth companies related to artificial intelligence,” says Terhi Vapola, Helen’s director responsible for investment activities.

Facts:  

• In 2020, Helen produced 86 gigawatt-hours of wind power through its associated company Suomen Hyötytuuli Oy.
• Helen’s wind power production will increase five-fold in 2022 as a result of investments made last year: with the Lakiakangas 3 wind farm and the wind farms of Alajoki-Peuralinna and Polusjärvi of Hyötytuuli Oy, Helen’s wind power production will grow to as high a level as 430 gigawatt-hours per year.
• Helen is still investigating suitable wind power investment projects in Finland.
• Helen Ventures, which is responsible for Helen’s investment activities, is seeking suitable investment projects among energy-related growth companies on a global scale also in relation to wind power.
• Investments by Helen Ventures so far:
  • Virta Oy, Finland, e-mobility
  • EcoG, Germany, e-mobility
  • Gradyent, the Netherlands, optimisation of district heat with artificial intelligence
  • Think Outside, Norway, hydropower production data and optimisation