Suvic Oy expands into the Swedish market with an early works contract for two wind farms
08 September 2023 - 2:00AM
Suvic Oy expands into the Swedish market with an early works
contract for two wind farms
Dovre Group Plc
Inside
information
September 7, 2023,
at 7.00 pm
Suvic Oy expands into
the Swedish market with
an early works contract
for two wind farms
Suvic Oy has signed an
early works contract covering
two wind farms in Sweden, marking
the company's entry into the Swedish market.
Suvic also continues the negotiations for
the main BoP contract of the
mentioned parks, which would
mark Suvic's first major order in
Sweden.
The project is commissioned by Renewable Power Capital (RPC), an
investor in renewable energy and energy storage projects. The early
works agreement covers design, site investigation, and preparatory
roadworks for Storhöjden and Vitberget wind farms, which are part
of the Hight Coast project.
Suvic continues negotiations for the main BoP contract for the
mentioned two wind farms. The plan is to construct a total of 46
wind turbines, with 22 located in Storhöjden and 24 in Vitberget.
The BoP contract is estimated to be valued around €50 million and
is still subject to financial closure of the High Coast projects by
RPC. The Net Sales of the potential contract would be almost
entirely recognized in 2024 and thus the project would have no
material impact on Dovre's outlook for 2023.
Ville Vesanen, CEO of Suvic, believes that
venturing into the Swedish market will bolster the company's growth
objectives. He stated, "There are currently numerous pending
projects in Sweden that we aim to be a part of - currently, there
are about 19 TWh of unbuilt wind power projects with construction
permits in Sweden. In the Nordic market, we have already
established ourselves with various stakeholders and demonstrated
our competence and quality through previous projects in
Finland."
The Swedish wind energy sector continues to attract investors,
and the country's industry is actively seeking renewable energy
options for greener production. According to the latest forecast by
the Swedish Wind Energy Association (SWEA), Swedish wind power
generated around 33 TWh of energy in 2022, and this figure is
projected to reach 52.6 TWh by 2025.
In addition to the new projects, Suvic is laying the groundwork
to establish its own organization in Sweden. "Since our founding in
2017, we have strategically aimed to expand into Sweden and have
diligently built the necessary foundation for it. We aim to
implement our successful practices at the sites in our neighboring
country, which will require effort and, initially, the inclusion of
our own experienced staff," explained Vesanen.
For further information, please contact:
Ville VesanenCEO, Suvic OyTel. +358 44 328 9928vve@suvic.fi,
www.suvic.fi
Ilari KoskeloVice Chairman of the Board, Dovre Group PlcTel.
+358 40 510 8408ilari.koskelo@navdata.fi
Dovre Group is a global provider of project
management services. Dovre Group has three business areas: Project
Personnel, Consulting and Renewable Energy. Dovre Group has offices
in Canada, Finland, Norway, Singapore, and the US, and employs more
than 800 people worldwide. Dovre Group is listed on Nasdaq Helsinki
(symbol: DOV1V). Website: www.dovregroup.com
Suvic Oy is a construction
company founded in Oulu in 2017, specializing in the implementation
and project management of wind farms. The company also offers
contracting services for energy and industrial construction. Suvic
brings new, innovative practices to the field of energy
construction through design, construction and project management.
The company's current sites include Valrea's Kalistanneva and
Matkussaari wind farms (Kurikka), Exilion Tuuli's
Isokangas-Palokangas wind farms (Ii), Prime Capital's Lappfjärd
wind farm extension (Kristiinankaupunki), Prime Capital's Sandbacka
wind farm (Uusikaarlepyy and Vöyri) and CPC Finland's Lakari solar
power plant.
Distribution:Nasdaq HelsinkiMajor mediawww.dovregroup.com
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