London, UK, 9 March 2022 - DNV, the independent energy expert and assurance provider, was one of the main technical advisors to Valorem during the development of the Viiatti wind project in South Ostrabothnia, Finland. DNV’s advice included high-level estimates of the long-term energy production and technical due diligence.
DNV supported Valorem in two phases during the development of the project, which consists of the Kalistanneva and Matkussaari wind farms, with a total generating capacity of 313.5 MW, and will supply green power to over 120,000 households
In the first phase, DNV carried out preliminary energy assessments to provide high-level estimates of the long-term energy production, as well as a layout optimization study aimed at achieving the optimal balance of asset lifetime, energy production and levelized cost of energy. DNV dispensed bankable, detailed technical reviews based on the optimized turbine layout and the turbine manufacturer submissions.
In the second phase, DNV completed the independent technical due diligence of each wind farm, including general site assessment, technical concept reviews, grid and interconnection studies, construction and operations contract negotiations and reviews, as well as financial model and permitting reviews.
This review resulted in a comprehensive vendor’s due diligence of the Kalistanneva wind farm, which was successfully sold by Valorem with DNV's support throughout the sale and negotiation process.
The Matkussarri wind farm will be developed, owned, and operated by Valorem and DNV’s technical due diligence was key in achieving fully merchant debt financing from the investment manager, AIP Management, on behalf of AIP Infrastructure II.
DNV’s Energy Transition Outlook highlights that, with the electrification of economies surging ahead, renewables will provide an increasing proportion of the energy demand. Wind power provided 5% of the world’s electricity output in 2019. However, by 2050, 33% of global electricity generation is forecast to come from wind energy.
Hari Vamadevan, Executive Vice President and Regional Director UK & Ireland of Energy Systems at DNV, said: “We would like to congratulate Valorem on reaching this important milestone for the Kalistanneva and Matkussaari wind farms. This was a fantastic opportunity for our multidisciplinary teams to add value to the development of these renewable energy projects and are honoured to have played a part in this success. It’s been a pleasure to work with the Valorem team on this flagship project, and to increase the pace of the energy transition.”
Simon Brillet, Head of Engineering at Valorem Group, said: "Valorem are grateful for DNV’s end-to-end technical support and expertise through the development of the Viiatti wind farm project. DNV’s independence, responsiveness and technical breadth meant we could rely on them to bring the assurance and guidance the project required. With this project, Valorem strengthens its development in Finland and the Nordics, adding this capacity to the 500 MW of renewable assets managed in France."
Valorem is an independent green energy developer and operator and has a strong presence internationally, operating in South America and the Caribbean, Europe and North Africa.