Suvic Oy’s subsidiary Suvic AB has signed a BoP contract to build two wind farms in Sweden

Dovre Group Plc                 Inside information           December 20, 2023, at 6.30 p.m.

Suvic Oy’s subsidiary Suvic AB has signed a BoP contract to build two wind farms in Sweden

Suvic has signed a Balance of Plant contract to build Storhöjden and Vitberget wind farms (the “BoP”). The BoP is valued at about approximately SEK 560 million, and it is the first major project in Sweden for Suvic. The work will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

With this contract the pre-works agreement, that was announced September 7, 2023, materialized to a full BoP contract consisting of both wind farms. The now-signed contract is conditional to the contractual partner's separate Notice to Proceed.

Storhöjden and Vitberget wind farms are located in the municipality of Kramfors and are a part of the High Coast project. The plan is to build 46 wind turbines, with 22 located in Storhöjden and 24 in Vitberget. The aim is to try to maximize the number of bedrock anchor foundations by optimizing the location of lifting platforms together with road alignments as a part of the infrastructure design. The wind farms are expected to be completed and ready to use by the end of 2025.

The BoP includes design work, building of roads, lifting platforms, foundations, internal grid groundworks and a communications network. Suvic has already completed some design, field surveys and preliminary road alignments in Storhöjden as part of the early works agreement.

The BoP is being made with Adalen and HC Wind – SPVs launched by Renewable Power Capital Ltd. (RPC). Headquartered in London, RPC is backed by CPP Investment Board and was founded in 2020 to develop, construct, own and operate renewable energy and industrial scale storage projects across Europe. 

“We were convinced by Suvic’s references in the field of wind farm construction in Finland and therefore chose them as our partner in the High Coast project”, states Andrés Iturriaga, the construction project manager for RPC.

The CEO of Suvic Oy, Mr. Ville Vesanen, tells that expansion to the Swedish market has been one of the key targets for the company since its incorporation. “We are very pleased about the trust the RPC has shown us in this significant project. It represents to us an important step towards strong presence in the Swedish market.”

The project has no impact on Dovre’s guidance for 2023.

For further information, please contact:

Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi, www.suvic.fi

Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a global provider of project management services. Dovre Group has three business areas: Project Personnel, Consulting and Renewable Energy. Dovre Group has offices in Canada, Finland, Norway, Singapore, and the US, and employs more than 800 people worldwide. Dovre Group is listed on Nasdaq Helsinki (symbol: DOV1V). Website: www.dovregroup.com

Suvic Oy is a construction company founded in Oulu in 2017, specializing in the implementation and project management of wind farms. The company also offers contracting services for energy and industrial construction. Suvic brings new, innovative practices to the field of energy construction through design, construction, and project management. The company's current sites include Valrea's Kalistanneva and Matkussaari wind farms (Kurikka), Prime Capital's Sandbacka wind farm (Uusikaarlepyy and Vöyri), CPC Finland's Lakari solar power plant and Fortum’s data center waste heat power plant (Kirkkonummi). Website: www.suvic.fi

RPC is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments. RPC invests in the development, construction, and long-term ownership of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.

RPC is led by a seasoned and established team of energy investment professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.

For more information, please visit www.renewablepowercapital.com

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