Windland Finland: klimaVest’s Northern Europe strategy Wind energy and renewable energy investments

Finland covers more than a quarter of its electricity from wind. klimaVest invested in this market early and acquired four wind farms with a total capacity of 172.8 MW between 2021 and 2024.  

Energy market in the fast lane

At the end of 2025, 9,433 megawatts (MW) of wind power were installed in Finland - distributed over 2,002 turbines. In 2025 alone, 1,023 MW were added.¹ For comparison: In 2021, the total capacity was just under 3,200 MW. In less than five years, Finland has tripled its wind power inventory.

There is no state stimulus behind this dynamic: Since 2019, 70 percent of all new wind capacity in Finland has been built without subsidies - purely market-driven, financed through long-term power purchase agreements (PPAs) and spot market revenues.² This makes the Finnish wind market structurally more robust and more independent than many other European markets. 

Wind overtakes hydro power - a turning point

In 2024, wind power generated 19.8 terawatt hours (TWh) of electricity in Finland - equivalent to 24 percent of total electricity consumption. As a result, wind overtakes hydropower and becomes the country’s second-largest source of electricity, behind nuclear power.³ In 2025, the share of wind continued to grow to over 26 percent - with almost 89 percent of all electricity coming from low-emission sources at the same time.⁴

The technological quality of the expansion is particularly remarkable: In 2024, onshore turbines with an average rated output of 6.0 MW were installed in Finland - the EU-wide peak.⁵ This is made possible by the wide, sparsely populated areas in north-eastern Finland as well as the strong winds on the Bottnic Sea Coast, which can also be felt ten to twenty kilometres inland. 

klimaVest’s Finland portfolio

klimaVest has been active in Finland since 2021 and has consistently built up since then: four wind farms in three years, primarily acquired in cooperation with the internationally active project developer Energiequelle. 

What makes Finland structurally special

In addition to favourable wind conditions, there are three structural factors that make the Finnish market attractive to investors: The legally enshrined 2035 climate target creates long-term political reliability; the market-driven PPA model reduces subsidy risks; and the growing tech industry ensures stable electricity demand - visible on the Google PPA for Kuuronkallio.

Offshore wind: The next dimension of growth

In the long term, offshore wind opens up another perspective: In Finnish sea waters, projects with a capacity of around 46,100 MW are in various planning stages. ⁸ Until then, Finland’s onshore pipeline is full: Over 61,600 MW of onshore wind power is under development nationwide.⁸

Europe is changing - Finland is leading the way

2025 marked a historic turning point for the European energy market: For the first time, wind and solar power generated more electricity than all fossil fuels combined - 30 per cent of the EU’s electricity came from these sources. ⁹ Finland stands out in this European momentum: With more than 26 percent wind power share in the national electricity mix, the country is one of the pioneers. klimaVest is part of this transformation with 43 wind and solar power plants in six countries and a stake in the German transmission system operator Amprion.