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Tahkoluoto Offshore’s new study shows that offshore wind energy investments have a strong impact on regional economy and employment in Finland. The study investigated the direct and multiplier economic impact of the Tahkoluoto offshore wind farm extension project that is currently under development in Pori, Finland. The study utilized actual data from the existing Tahkoluoto offshore wind farm as well as estimates for its extension project, and covered the entire life-cycle of offshore wind energy from planning to construction, production and dismantling. Based on an input/output model (EEMRIO), the study was conducted by Alarauho Oy, a company specialising in modelling economic impact.

According to the study, the Tahkoluoto extension project will generate approximately EUR 8,6 billion of turnover and EUR 6,3 billion of value added during a roughly fifty-year period. Investments will amount to EUR 2,5 billion. The impact on GDP will be EUR 6,8 billion, and the impact on employment over 18,000 person-years. The tax revenue will amount to approximately EUR 2 billion, consisting of real estate tax, municipal income tax, corporate tax, income tax, taxes on products and production, and value added tax. The estimates are based on the assumption that the property tax for offshore wind energy in Finland will be brought to the same level with onshore property tax.

”Offshore wind investments have significant direct and multiplier impacts and they generate work, revenue and taxes both on a regional and nation-wide level. Large-scale renewable energy projects also act as a catalyst for green transition projects. It is important to create favourable conditions for investments into the hydrogen economy and the use of hydrogen in transport and industry as well as for production investments in order to speed up the green transition,” says Petri Mikola, Project Director of the Tahkoluoto offshore wind farm extension project.

The study examined the total turnover, value added, tax revenue, investment volume, and the impact on employment and GDP of offshore wind energy production and projects. The calculations have taken into account not only the direct economic impact, but also the multiplier effects of offshore wind energy on other sectors, and the multiplier effects on consumption, such as the economic activity to satisfy new consumption needs resulting from increased pay to employees.

The Tahkoluoto offshore wind farm extension project will consist of forty turbines of approximately 15 megawatts, and the annual production of the wind farm is expected to be 1800–2600 gigawatt hours. The extension project is owned by Tahkoluoto Offshore Oy, and Arenso Oy is in charge of project development.

Further information

Study: Project Manager Panu Piirtola, tel. +358 40 655 1315, panu.piirtola@hyotytuuli.fi

Tahkoluoto offshore wind extension project: Project Director Petri Mikola, tel. +359 40 832 9288, petri.mikola@arenso.fi

Tahkoluoto Offshore Oy owns the Tahkoluoto offshore wind farm extension project. The company was founded in 2024 when Suomen Hyötytuuli Oy carried out a demerger. All onshore wind farms and wind energy projects as well as the existing Tahkoluoto offshore wind farm were transferred to the new Suomen Hyötytuuli Oy. The Tahkoluoto offshore wind farm extension project was transferred to Tahkoluoto Offshore Oy. The personnel of the former Suomen Hyötytuuli was moved to Arenso Oy that provides wind farm services to Suomen Hyötytuuli and Tahkoluoto Offshore.