Once operational, the wind farm will have a power generation capacity of 1.3GW and a potential annual production capacity of 5TWh.
The wind facility, which is expected to become operational in the early 2030s, is estimated to require an investment of €2-3bn.
The Korsnäs wind farm will generate renewable energy that is equivalent to the consumption of over two million apartment homes annually or the consumption of around 250,000 electricity-heated individual houses annually in the country.
Vattenfall has been chosen in the first of several international offshore wind tenders to be undertaken by Metsähallitus.
Metsähallitus undertakes the management of the land and water areas of the Finnish state.
Vattenfall head of business area wind Helene Biström said: “Vattenfall is a leading offshore wind developer in Europe. We are very honored to have been selected to develop Finland’s first large scale offshore wind farm. We are looking forward to bring our broad experience to the Korsnäs project, supporting Finland to reach their ambitious climate targets.”
Vattenfall Oy CEO Elina Kivioja said: “With this project, Vattenfall is expanding its role in Finland; from one of the largest electricity retailers to a significant renewable energy producer.”
Finland has plan to achieve net zero emissions target by 2035. Metsähallitus director general Juha S. Niemelä said: “We are very pleased to partner with Vattenfall, which presented strong experience on large-scale offshore wind projects together with sustainable business practices in addition to competitive commercial terms.
“We are confident that this project will benefit the people of Korsnäs, the economic zone around Vaasa as well as the state of Finland.”