Translation: Original published in Finnish on 9/21/2026 at 7:55 am EEST.

Based on the update published by Renewables Finland at the end of August 2026, a few new onshore wind power projects have been initiated in Finland over the past year. Consequently, the market outlook for the Balance of Plant construction of wind farms has continued on a path of at most cautious recovery, with levels remaining far from the figures of peak years. Wind power BoP construction, on the other hand, is part of the business to varying degrees among the companies in our coverage: Enersense*, GRK, NYAB, and Eltel. Due to the market developments of recent years, the role of this business is currently limited for the companies, but a potential market recovery would offer them growth opportunities once again. 

Projects continued to be launched at a moderate pace

According to Renewables Finland's figures, Finland's wind power capacity was approximately 9.5 GW at the end of H1'26 (H1'25: 8.9 GW). According to statistics, approximately 0.6 GW of new capacity was completed in Finland over the past year, of which 0.1 GW was completed in the first half of 2026. Instead, following investment decisions that were frozen during 2023–2024 (especially 2024), only two small projects (12 turbines and 74 MW) are expected to be completed this year.

Between the end of August 2025 and the beginning of July 2026, three new projects were launched (44 turbines and 277 MW). Thus, the pace slowed down year-on-year (Jan–Aug 2025: 88 turbines and 583 MW), but back then, development was driven in particular by OX2's major individual investment decision (472 MW). Of the remaining projects under construction, just under 0.3 GW (previously 0.2 GW) is set to be completed in 2027, while approximately 0.5 GW (previously 0.4 GW) will be completed during 2028. Thus, the market has remained cautious but on the path to a mild recovery, particularly compared to 2024, when only one new project was launched. At the same time, however, we believe it is worth noting that construction volumes are still very far from the levels completed during the peak years (see chart). In addition, as risk factors for the short-term acceleration of the market, we still see the same reasons as in recent years (such as interest rate levels, construction costs, the development of electricity futures, and permitting processes), some of which have reared their heads again due to the situation in the Middle East. On the other hand, the rapidly growing construction of data centers (e.g. Google's recent investment decision) and the growing electricity consumption resulting from the completion of these projects can be seen as a potential positive driver in the medium term.

In a broader review we conducted a few years ago (in Finnish), we estimated that the size of the Finnish onshore wind BoP (Balance of Plant) construction market was roughly 200–300 MEUR annually. At present, however, the size of the market can be assumed to be clearly below this level, considering that the construction of an onshore wind farm takes an average of about two years depending on its size, and therefore the projects are spread over several years. Conversely, as new larger wind power projects move forward, the market growth picture can change quite rapidly.

Source: Renewables Finland, Inderes

* Clarification regarding Enersense (updated on September 21 at 9:57 am EEST) concerning BoP construction. Enersense has recently made the decision to focus on wind farm substations, BESS battery energy storage systems, power lines, and maintenance. Consequently, the company is no longer involved in CBoP construction (Civil Balance of Plant, i.e., civil engineering works), but continues to serve wind power customers in the aforementioned areas.