Finnish wind power from an investor perspective

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1 Finnish wind power from an investor perspective

2 Talking about Invest in Finland Current status Opportunities Key questions 2 3/27/2015 Finpro

3 Invest in Finland

4 Invest in Finland Mission what we do Assist foreign companies to find business opportunities in Finland Produce information about Finland as an investment location Develop and coordinate the work of attracting foreign investment on the national level by active networking with regional and international investment actors

5 IIF Services for International Companies Production of market information Research about business opportunities Evaluation of market entry alternatives Greenfield M&A JV R&D collaboration Facilitate networking with Finnish organizations Help in finding location alternatives Consultation to get the business started CONFIDENTIALITY!

6 Sectors and countries Regional Development Agency Regional Development Agency ICT & Digitalisation Datacenters Cleantech & Bioeconomy Health & Life Sciences Scandinavia Russia China Germany US TF & Global network Extended network abroad

7 Status

8 Evolution of interest in Finnish windpower 2010 Finland one of three countries in EU with no incentive Mostly large utilities developing windfarms 2011 FIT came into place in March 2011, first VWE Development initiatives from landowners North european developers and service providers started entering Major challenges in permitting procedures hindered the growth Capacity growth Foreign investors entered more fragmented market 2014 Capacity growing rapidly Demand for investment opportunities exceeding supply Geopolitical situation and importance of sustainability increases

9 Project pipeline MW Offshore Onshore Project proposed Feasibility studied Decision on applying for EIA EIA under process Spatial planning under process EIA approved Applying for permits Preparing for construction Under construction Project phase Sources: Finnish Wind Power Association, Invest in Finland

10 Onshore development % independent developers 38 % independent developers MW Onshore 11/2012 Onshore 9/2013 Onshore 6/ Project proposed Feasibility studied Decision on applying for EIA EIA under process Spatial EIA approved Applying for planning permits under process Project phase Preparing for construction Under construction Sources: Finnish Wind Power Association, Invest in Finland

11 Opportunities and pitches

12 Risk management Regulatory framework Taxation Workforce Incentives Business costs Business Environment Attractiveness Infrastructure Real Estate Living environment Knowledge / Innovation Safety & Stability Source: IBM Plant Location International (PLI)

13 Nordic windpower business environment Access to finance 6 Economic growth and st... Taxation and incentives 4 Operating risk Regulatory environment 2 0 Finland Norway Sweden Denmark Need for equity Low operational risk Regulation under development Source: fdi Benchmark from the Financial Times Ltd 2014

14 Opportunities for investors 4 BEUR will be invested in Finnish windpower by 2020 Need for capital and competence in windpower funding One of the most stable grids in the world continuous investments are done to strengthen it No currency risk for Euro-investors Stable political and legislative environment Co-investment & aquisition business potential including greenfield sites

15 Opportunities for construction Limited competition: Large construction companies Local SME s Lack of specialists with references Market estimate: EUR 800 million by 2020 Need for know-how and experience in wind construction Entry option: JVs & acquisitions Demand for turn-key contractors specialized in wind construction

16 Opportunities for O&M service providers Most major turbine manufacturers are present on the market (f.ex Vestas, Siemens, Nordex, Gamesa) Limited local know-how in service & maintenance Empower as an example of turn-key service provider Local niche SME s Entry option: JVs & acquisitions Growing market opportunity for 3rd party services 2015 onwards

17 Core Value Chain Development Construction Turbines Utilities Saba Vind Ab Österbottens miljöenergi Ab Taaleritehtaan Pääomarahastot Infinergies Finland Oy Prokon Energiesysteme Triventus Consulting Ab CPC Finland (Germania Wind) Svevind Ab Vindin Ab EPV Group Innopower Oy Suomen Hyötytuuli Oy Propel Voima Oy Kansallistuuli Oy Tuulisaimaa Oy Tuuliwatti Oy Fortum Oyj ViaWind WPD Finland NV Nordisk Vindkraft Ab Oxford Intercon Finland Egentliga Finlands Energi Ab Eolus Vind Destia Oy YIT Construction Oy Empower Oy Infratek Finland Oy MRP Risberg Eltel Networks Ravera Peikko Infratek Finland Oy Several cranes & logistics companies Gamesa Siemens Nordex Vestas WinWinD Mervento Enercon RePower Hyundai Alstom EPV Group Innopower Oy Tuuliwatti (ST1) Oy Haminan Energia Pori Energia Oy Fortum Oyj Kotkan Energia Oy Haminan Energia Oy EON Finland Oy Herrfors Katternö Group Varsinaissuomen Energia Oy Suomen Voima Oy O2 Energia

18 Supporting Value Chain Technical consultants Pöyry Ramboll FCG WSP Rejlers Hafmex Triventus Gaia Law firms Bergmann Oy Bird & Bird Hammarström Puhakka Partners Oy Krogerus Oy Mäkitalo Rantanen & Co Oy Fondia Oy Components ABB Moventas Vacon The Switch Vaisala Hydroll Hollming Works Toivolan Konepaja Levator Trafotek VEO Labkotec FIBOX Alstom Danfoss Roxtec Materials Ahlström Rautaruukki Amroy Neorem magnets URV Componenta Metso Service & Maintenance Empower Oy 3DWS Oy Hafmex Group Bladefence oy Pori Energia Oy STX Finland Oy

19 Challenges

20 Key questions from foreign investor s Questions on short and long term perceptions: Sustainability and social responsibility Permitting processes Transparency Price levels, overheated market Incentives supporting higher production target Level of long term political commitment Overall financial situation Geopolitical situation

21 Summary Sustainability increasingly important Possible incentives for new production targets Political commitment for offshore as well Regulatory framwork needs development Risk of overheated market Opportunity window now for investors, operators, construction and O&M service providers Local market that needs competence & references

22 Thank You!

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