Enersense International Plc (a provider of zero-emission energy solutions) has agreed to purchase Megatuuli Oy (an onshore wind farm developer) and agreed with P2X Solutions Oy (Finland’s first green hydrogen production company) on an equity investment of € 13–18 million.
Both agreements and their completion are separate from each other. Wind power and the production of green hydrogen are strongly linked together, and Enersense has strong know-how throughout the value chain. Due to the acquisition, new business opportunities will open up for Enersense Offshore Oy in hydrogen projects, among others.
Enersense will have the status of the preferred supplier in the work to be carried out during the construction phase of the green hydrogen production plant, which P2X will build in Harjavalta and in maintenance and operation of the plant.
The value of the cooperation is estimated to be up to €8 million, which will mainly be spread over the years 2022–2024, and will continue in terms of maintenance and operation. The parties will finalise the cooperation terms next year. The implementation of the investment and cooperation arrangement is conditional on significant support from the Ministry of Economic Affairs and Employment to P2X for the construction of the Harjavalta plant, for which P2X has applied for support of € 25 million in February 2021 .
Meanwhile, the total capacity of Megatuuli’s wind power projects in progress or the feasibility study phase is around 3,000 MW, which corresponds to about 20% of the wind power capacity in Finland in 2030.
Jussi Holopainen, CEO of Enersense, said, “Enersense will continue to serve as a strong partner in enabling the energy transition in all project phases, both in Finland and internationally.”