Wind power deals make Simunaniemi family millionaires

The Simunaniemi family earned about 4.3 million euros last year, most of it from developing wind power projects, Yle reports. Aki and Jaana Simunaniemi each received more than 1.5 million euros in capital income, while their two children received just under 580,000 euros each.

The income came from the sale of a wind farm development project in Halsua, in Central Ostrobothnia. The deal was made in 2018, and its purchase price was paid in instalments over several years. The final payment made every member of the family a millionaire.

Aki Simunaniemi began developing wind power projects in 2010, having had no formal training in the field. He says he learned by doing. The family has sold most of its projects to Swedish energy company OX2 and does not build the wind farms itself.

Project development involves leasing land, agreeing on land-use planning with the municipality and carrying out an environmental impact assessment, while planning the wind farm. Simunaniemi has also worked on developing the wind farm in Lestijärvi, which the article describes as Finland’s largest.

Anni Mikkonen, chief executive of industry association Suomen uusiutuvat, says wind power projects involve significant costs and risks. Many are scaled back or do not progress far, she says. Success depends on factors including the suitability of the project area and timing, as well as local political support. Developers also need to be willing to take risks and may need some luck.

Aki and Jaana Simunaniemi paid about one million euros in tax last year. Aki Simunaniemi says paying tax is necessary for society to function, and stresses that building a business in wind power requires sustained work. He has been an entrepreneur for nearly 40 years, and says he will not take part in a new wind power boom.