Finnish renewable energy developer, Skarta Energy, announced its commitment on Thursday to invest over EUR 70 million (USD 75.6 million) in a significant solar farm project located in the Northern Ostrobothnia region of central Finland.
Spanning 102.5 MWp, the solar farm will be situated on unused peatbog areas in the municipality of Utajarvi, with the initial phase set to commence immediately.
Skarta Energy disclosed that the Finnish Ministry of Economic Affairs and Employment is backing the Utajarvi initiative with an investment aid of EUR 13.3 million.
Nyab Oyj, a Finnish builder and a minority owner of Skarta Energy, has been selected as the engineering, procurement, and construction (EPC) contractor for the project. The EPC contract is valued at approximately EUR 69 million, according to Nyab's separate statement.
The solar farm is planned to commence operations in stages, with the entire facility expected to be operational in the first half of 2026. Skarta Energy aims to contribute significantly to its target of operating 800 MW of solar power over the next five years through the Utajarvi project.
