Press Releases
RPC secures 1GW solar development deal with Aurinkokarhu, adding new technology to Nordic renewables portfolio
- Renewable Power Capital and Aurinkokarhu have agreed to jointly develop up to 1GW of solar PV in Finland.
- The projects are expected to reach ready-to-build stage by 2026.
- With this agreement, RPC expands its Finnish portfolio to now include solar, wind and storage. This marks the first of RPC’s development projects in Finland.
London 28 March 0800 GMT
Renewable Power Capital (RPC) and Aurinkokarhu Oy have entered into an agreement to co-develop up to 1GW of solar PV projects in Finland.
This marks RPC’s first solar deal in Finland – one of its key markets. Through this deal, RPC further diversifies its Nordic portfolio with the addition of development projects.
The first projects are expected to achieve ready-to-build status by 2026, with operations commencing from 2028 onwards.
RPC is already an established player in Finland, with 170MW of operational onshore wind and 50MW of battery storage under construction. Aurinkokarhu, which was established by two of Finland’s leading energy entrepreneurs, is an early mover in the rapidly-growing Finnish solar PV market and already has a proven track record of developing clean energy projects.
This agreement follows RPC’s recent entry into the Finnish and Italian battery storage markets, having completed the acquisition of a 50MW project in Finland and having signed a development partnership targeting a 1GW pipeline in Italy.
Kevin Devlin, CEO at RPC, said: “We made our first investment in Finland when RPC was set up and it remains a priority market for RPC. It’s an exciting time to enter this fast-growing sector with such an established development partner as Aurinkokarhu, there’s huge potential for solar power in this region and we look forward to working with them to support the Nordic energy transition.”
Andreas Renfält, CEO at Aurinkokarhu, said: “This deal marks a significant milestone for us at Aurinkokarhu, and further strengthens our position as a leading PV developer in the Finnish market, as we have now secured a strong and experienced partner for utility-scale PV projects. With our combined expertise and resources, we’re confident that we can make a meaningful impact on the future of PV in Finland.”
Notes to editors
Renewable Power Capital is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments.
RPC invests in the development, construction, and long-term operation of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.
RPC is led by a seasoned and established team of energy industry professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.
For any questions or further information please contact Katie Davies at kdavies@seahorseenvironmental.co.uk.
Aurinkokarhu Oy is a Finnish company founded in 2022 by experienced entrepreneurs with a goal to develop large-scale solar energy projects.
Despite the relatively short history of the company, Aurinkokarhu has evolved into a strong player in solar energy development in Finland, with a focus on promoting sustainable energy solutions. The company aims to accelerate the transition to renewable energy and reduce dependence on fossil fuels by delivering high-quality and reliable projects.
By collaborating with partners in both the public and private sectors, Aurinkokarhu creates an environment where solar energy can flourish and make a real difference for society and environment.