Bothnian Sea Offshore Wind

The Challenge

In 2015, offshore wind in the Bothnian Sea's shallow, ice-prone waters was considered financeable only with heavy state guarantees. Few private investors were willing to hold construction-phase risk in a market with no established track record.

Our Approach

We took a minority equity position at final investment decision, alongside a Finnish pension consortium and a Danish turbine manufacturer, with no expectation of liquidity before commercial operation: a stance most of our co-investors could not take.

Impact

The array has operated at a capacity factor exceeding initial projections since 2019 and now supplies the equivalent of roughly 130,000 Finnish households. It became one of the reference projects cited in subsequent Baltic offshore wind tenders.

Future Outlook

We remain invested through the asset's second life extension, and are in early discussions on a second, larger array further north in the same basin.