Suvic Oy expands into the Swedish market with an early works contract for two wind farms

Dovre Group Plc         Inside information                       September 7, 2023, at 7.00 pm

Suvic Oy expands into the Swedish market with an early works contract for two wind farms

Suvic Oy has signed an early works contract covering two wind farms in Sweden, marking the company's entry into the Swedish market. Suvic also continues the negotiations for the main BoP contract of the mentioned parks, which would mark Suvic's first major order in Sweden.

The project is commissioned by Renewable Power Capital (RPC), an investor in renewable energy and energy storage projects. The early works agreement covers design, site investigation, and preparatory roadworks for Storhöjden and Vitberget wind farms, which are part of the Hight Coast project.

Suvic continues negotiations for the main BoP contract for the mentioned two wind farms. The plan is to construct a total of 46 wind turbines, with 22 located in Storhöjden and 24 in Vitberget. The BoP contract is estimated to be valued around €50 million and is still subject to financial closure of the High Coast projects by RPC. The Net Sales of the potential contract would be almost entirely recognized in 2024 and thus the project would have no material impact on Dovre's outlook for 2023.

Ville Vesanen, CEO of Suvic, believes that venturing into the Swedish market will bolster the company's growth objectives. He stated, "There are currently numerous pending projects in Sweden that we aim to be a part of - currently, there are about 19 TWh of unbuilt wind power projects with construction permits in Sweden. In the Nordic market, we have already established ourselves with various stakeholders and demonstrated our competence and quality through previous projects in Finland."

The Swedish wind energy sector continues to attract investors, and the country's industry is actively seeking renewable energy options for greener production. According to the latest forecast by the Swedish Wind Energy Association (SWEA), Swedish wind power generated around 33 TWh of energy in 2022, and this figure is projected to reach 52.6 TWh by 2025.

In addition to the new projects, Suvic is laying the groundwork to establish its own organization in Sweden. "Since our founding in 2017, we have strategically aimed to expand into Sweden and have diligently built the necessary foundation for it. We aim to implement our successful practices at the sites in our neighboring country, which will require effort and, initially, the inclusion of our own experienced staff," explained Vesanen.

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), Exilion Tuuli's Isokangas-Palokangas wind farms (Ii), Prime Capital's Lappfjärd wind farm extension (Kristiinankaupunki), Prime Capital's Sandbacka wind farm (Uusikaarlepyy and Vöyri) and CPC Finland's Lakari solar power plant.

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