Outokumpu increases its ownership in Rajakiiri wind farm in Tornio
Outokumpu Oyj
Press release
January 3, 2024 at 9:00 am EET
Outokumpu increases its ownership in Rajakiiri wind farm in Tornio
Outokumpu is the global leader in sustainable stainless steel and is continuously looking for ways to further lower climate impact across the value chain. Investments in renewable and CO2 free energy production are crucial steps to gradually reduce our indirect emissions and to optimize the power supply to our needs. As part of Outokumpu's strategy to strengthen its leadership in sustainability and increase its self-sufficiency in energy production, Outokumpu has decided to invest in a further stake in the Rajakiiri wind farm in Tornio, Finland. The wind farm has been in operation since 2015 and has still an estimated 16 years of production life ahead of it. With this latest investment, Outokumpu’s ownership in the 45MW wind farm in Tornio rises to a level of close to 9MW and 19.9% of the shares.
“In the summer of 2023, we started a journey to gradually increase our investments into electricity production to better diversify our energy consumption sources and to reduce our electricity related risk through more predictable energy pricing and less market-based volatility. Further investment in Rajakiiri provides us better access to the windmills close to our operations. It further supports and broadens the existing partnership with Rajakiiri and its shareholders. Eventually, it will open a long-term strategic access to upcoming Rajakiiri plans for further on-shore and off-shore investments”, says Tony Lindström, General Manager of Outokumpu EvoEnergy.
Outokumpu EvoEnergy has been studying potential investments in energy production through wind, solar and nuclear, as well as reviewing multiple options to invest in technologies and solutions enabling Outokumpu to capture carbon from its stainless operations and reuse it with or by third parties to reduce direct emissions from the company’s stainless steel and ferrochrome operations.
Renewable energy produced by either wind turbines or solar power plants, is rapidly increasing in the Nordic countries. Due to the strong weather dependency, renewable energy production needs close hands-on operations to optimize and utilize the outputs as efficiently as possible. Outokumpu's energy unit Outokumpu EvoEnergy, together with its partners, is committed to find technologies and solutions that enable us to get the best out of wind power.
For more information:
Investors: Linda Häkkilä, Head of Investor Relation, tel. +358 40 071 9669
Media: Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840, e-mail media(at)outokumpu.com
Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs approximately 8,500 professionals in close to 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com
