Wind energy Kuuronkallio wind farm 

About the wind farm

First Finnish wind farm in klimaVest portfolio 

The Kuuronkallio wind farm is located in the municipality of Kannus in the western Finland region of Mittelöserbotten, about 500 kilometres northwest of Helsinki. The renowned Danish manufacturer Vestas’ 14 wind turbines have a total rated output of 58.8 megawatts and produce around 216 gigawatt hours of renewable electricity annually.  

Long-term acceptance secured

With this asset, Commerz Real not only secured a very good location and established technology, but above all also stable returns for investors. A ten-year Power Purchase Agreement (PPA) with a leading international tech company guarantees the purchase of all electricity production. The company operates one of Finland’s largest data centres powered by renewable energy in Hamina, 150 kilometres east of Helsinki.
 

Full maintenance over 20 years

Vestas has also signed a long-term full maintenance contract for 20 years. This combination of a renowned manufacturer, long-term maintenance contract and secured power supply makes Kuuronkallio a particularly stable investment.

Finland expands wind power rapidly  

Finland is continuously expanding its wind power. At the end of 2024, the installed wind power output reached 8,358 megawatts - an increase of 20 per cent compared to the previous year, according to Renewables Finland (Suomen uusiutuvat ry).¹ Wind power covered around 24 per cent of Finland’s electricity demand in 2024, overtaking hydro power for the first time - making it the country’s second largest power source after nuclear power, according to Statistics Finland.²

Record expansion and ambitious targets

After an exceptional 2022 with 2,430 megawatts of expansion, another 1,280 megawatts followed in 2023 - the second highest value in Finnish history.³ In 2024, Finland added around 1,400 megawatts, ranking fourth in Europe’s wind energy expansion.⁴ Wind power generation increased by 37 percent to 19.9 billion kilowatt hours in 2024, according to Statistics Finland.⁵

Towards climate neutrality

Finland has exceptionally ambitious climate targets: With around 5.5 million inhabitants, the country aims to be the first industrial nation in the world to be CO₂-neutral by 2035. The government is even planning to become climate positive by 2040. According to Eurostat, Finland is currently the EU Member State with the second highest share of renewable energy in total energy consumption.⁶ 95 percent of Finnish electricity production already comes from fossil-free sources.⁷

Offshore expansion announced

On 23 November 2023, the Finnish Government passed a decision to launch an auction process for offshore wind power sites in Finland’s public waters. Climate Minister Kai Mykkänen described this as a decision of historical scale: Wind power from the sites to be auctioned is expected to increase Finland’s annual electricity production by more than a third.⁸ However, in May 2024, the government rejected all 16 existing applications for offshore projects in the Exclusive Economic Zone (EEZ) in order to initially create a new legislative framework. The law came into force on 1 January 2025; the first tender for the EEZ is scheduled for autumn 2025.⁹ At the end of 2025, the installed wind power capacity in Finland actually reached 9,433 megawatts.¹⁰ 

Regional concentration in Österbotten

Wind power is heavily concentrated in the region of Österbotten on the west coast: Nordösterbotten has 38.5 percent of Finnish wind power, followed by Österbotten with 18 percent and Südösterbotten with 12 percent. ¹¹ The klimaVest Kuuronkallio wind farm is also located in this windy region of Mittelöserbotten.

Strategic expansion in the Nordics  

With Kuuronkallio, Commerz Real expanded its klimaVest portfolio in June 2021 with the first Finnish wind farm. The acquisition was made by the internationally active project developer and operator wpd based in Bremen. From the outset, the Nordic region has been very popular in fund management: The Nordic region was a high priority for fund management right from the start, which is why the focus was consistently placed on the Nordic markets.