VEO has been one of the market leaders in wind-farm electrification in the Nordics during the last decade. Wind energy investment levels have kept fluctuating in the respective countries due to national policies, but currently, the winds are favourable in all Nordic countries. At the moment, VEO is involved in several of the largest projects in all three countries.
“Recent developments in turbine technology has made wind energy investment feasible, also without subsidies,” Fredrik Grankull, Vice President at Power Distribution, VEO, explains the rise in the wind energy investment levels. “In addition, the current boom is fuelled by the sustainability aspect”. Institutional investors and energy companies are doing their share by increasing wind energy capacity heavily over the coming years as part of the ambition to expand CO2-free energy production.
VEO benefits from having wind energy projects in several countries in the Nordics. The extensive Norwegian wind energy project portfolio has given VEO invaluable experience of large-scale projects and has made VEO known among international investors as a reliable partner.
“We can see that the same international investors that we have been working with in Norway, now also are heading for the Swedish and Finnish markets,” says Viktor Forss, Managing Director at VEO AS.
VEO’s delivered and ongoing wind energy project portfolio has a combined capacity of approximately 3000 MW in the Nordics. In addition, VEO has lately signed contracts for projects with a combined capacity of about 1000 MW that equals the annual electricity consumption of approximately 625,000 households (5,000 kWh / household).
Among the most recently signed projects are two Norwegian wind farms with a capacity of 400 MW and 80 MW respectively, two Swedish wind farms with a capacity of 285 MW and 280 MW, as well as two Finnish wind farms with a combined capacity of 300 MW.
“We are very pleased to see that we have a solid order intake within the wind energy business during Q1. The current projects reinforce our already firm foothold on the Nordic wind energy market, and will secure VEO’s involvement in future large-scale wind energy investments,” states Timo Ala-Heikkilä, CEO at VEO.
VEO is an energy expert offering electrification and automation solutions for energy generation, transmission, distribution and utilisation. Half of the company’s revenue comes from renewable energy solutions. VEO’s headquarters is located in Vaasa, Finland and the company also has subsidiaries in Sweden, Norway and the UK. VEO Group employs 485 persons and had a turnover of EUR 124 million in 2019.
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At the moment, VEO is involved in several of the largest wind-farm projects in Norway, Finland and Sweden.