CapMan Infra’s portfolio company Skarta Energy has made an investment decision exceeding 70 million euros for a solar park to be constructed in the municipality of Utajärvi in Northern Ostrobothnia. The solar park, built on disused peatbog areas, will have a capacity of 102.5 MWp, with an expected annual energy production of 97 GWh. NYAB has been selected as the contractual partner for engineering, procurement, and construction of the project. The first phase of the project, including purchases and preparatory work, will commence without delay. The park is planned to be operational in stages, with full completion expected in the first half of 2026.
The solar park to be built in Utajärvi is a significant part of Skarta Energy’s goal to operate 800 MW of solar power over the next five years. The Ministry of Economic Affairs and Employment has granted investment aid of EUR 13.3 million for the project. The solar park is intended to be connected to the national grid in accordance with the connection agreement previously made with Fingrid.
“We are very excited to see Skarta Energy carry out this pioneering project. This decision marks Skarta Energy’s third investment decision made under CapMan Infra’s ownership and we are very excited to see the company spearheading the solar sector in Finland. The company is well on track to achieve its ambitious target for 2028 which supports the necessary green transition and increase the security of electricity. This project showcases the strengths of the Skarta Energy team as the project has been developed on disused peatbog areas in close collaboration with the municipality,” says Harri Halonen, Partner at CapMan Infra.
“The sufficiency of renewable energy plays a crucial role in ensuring the renewal of Finnish industry, jobs, and the development of societal well-being in the future. This investment decision demonstrates our true intention to accelerate Finland’s energy transition and is significant, especially at this time when positive investment decisions have been anticipated,” says Vikke Saarelainen, Executive Vice President of Skarta Energy.
The project has been prepared in close collaboration with the municipality of Utajärvi, Utajärvi Business Park, and other partners. Utajärvi is being developed into a resource-efficient municipality, meaning the sustainable use of resources such as natural resources, raw materials, and energy in a way that promotes environmental sustainability and human well-being. Utajärvi is part of the HINKU network of municipalities and other actors committed to emission reductions.
“We have been preparing for this for a long time and waiting for this moment. The investment decision is very important for the municipality of Utajärvi. This will enable the emergence of many other initiatives and phenomena, such as hydrogen production and refining, and thus strengthen our vitality also in the future. It has been a pleasure to collaborate and build a strong partnership with Skarta Energy,” says Anne Sormunen, Mayor of Utajärvi.
For more information, contact:
Harri Halonen, Partner, CapMan Infra, p. +46 768 710 06
About Skarta Energy
Skarta Energy develops renewable energy projects, with an initial focus on solar in Finland and a strategy to develop-to-own and becoming an independent power producer (IPP). The company has a unique and experienced team, which has established a strong platform for further growth as well as a strong pipeline of mainly solar energy projects with a combined production capacity of over 1.0 GW in various phases. Skarta Energy is a joint venture between NYAB Plc and CapMan Infra with CapMan Infra as the majority owner. The company was originally established by NYAB Plc in 2021.
Learn more about Skarta Energy here.
Photo: Skarta Energy