Finland’s wind energy capacity skyrocketed by 75% by 2022, attracting billions in capital
Finland recorded a 75% increase in wind power capacity last year, boosting the country’s renewable energy reputation.
This is according to the latest statistics from the Finnish Wind Energy Association (FWPA), 2022 was a record time for green energy. In concrete terms, 437 new wind turbines were commissioned, representing a capacity of 2,430 MW. In addition, wind power covered 14.1% of the country’s electricity consumption 9.3% by 2021a period in which 141 turbines were installed.
As a result, Finland now has a total of 1,393 wind turbines with a combined capacity of 5,677 MW – up nearly 43% in 2022 alone. About 47% of the total wind capacity is owned by the company and most turbines have a capacity between 3 and 4.99 MW.
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In particular, the projects completed last year brought more than €2.9 billion in investment to the country. This makes wind energy one of the most financed sectors in the Scandinavian nation.
“No other industry currently brings as much annual investment to Finland as wind energy. Wind energy also brings vitality to many small municipalities, where there would otherwise be few investment targets,” said Anni Mikkonen, CEO of FWPA, noted.
“In addition to investments, wind energy is now ensuring that our country is becoming self-sufficient in energy at a very rapid pace, just when new and affordable electricity production is most needed. No other electricity generation can be built so quickly and so cost-effectively in Finland at the moment,” she added.
According to FWPA, the future of Finnish wind energy looks increasingly bright. About 1,000 MW of power capacity will be completed this year, more than 1,200 MW in 2024 and about 1,000 MW in 2025 – when wind power is expected to cover at least 28% of Finland’s electricity consumption.
If this pace is maintained, the country will not only strengthen its energy efficiency, but will also increase its competitive advantage in the industry – essentially raising more capital for its wind projects and promoting local businesses active in the field.
