Metsähallitus has signed an agreement to sell the project rights for a three-project, 810 MW onshore wind portfolio in Finland to Nordic Generation. The assets are spread across Simo, Pyhäntä, and Kajaani, with commercial operations stretching from 2028 to 2033 depending on project maturity.

The key point is structural. Metsähallitus is selling before permits are secured, while contractually retaining responsibility for development until permits enter into force. This is a clean separation of capital ownership from permitting risk, rather than a late-stage de-risked sale.

The portfolio spans multiple development timelines. The 420 MW Lyypakki project has completed its EIA as of May 2025 and targets 2026 construction. Konnunsuo (340 MW), co-developed with Neova Group, remains longer-dated with COD expected 2030–2033. The smaller 50 MW Harsunlehto project sits in between. None are permit-ready today.

Commercially, this structure protects valuation while avoiding balance-sheet drag. Metsähallitus keeps control over permitting execution, where local, regulatory, and stakeholder risk is highest. Nordic Generation steps in early but avoids execution blind spots by inheriting assets that will reach permits under a known counterparty.

This signals continued appetite for large-scale Nordic wind pipelines, but only where risk is explicitly ring-fenced. Buyers are willing to write early checks. They are not underwriting permitting uncertainty without contractual protection.

Want to track the latest M&A, financings, PPAs, and key developments across the industry?Explore the Enerdatics Insights page.