OX2 has finalized an agreement to sell a 50MW battery energy storage system project in Finland to the L&G NTR Clean Power Fund. The project, named Uusnivala, will have a capacity of 50MW/110MWh when operational.
The transaction, completed by NTR on behalf of the fund, involves a project that is ready for construction. The buyer will manage the construction phase. The battery storage system will provide ancillary services to the Finnish grid, helping to regulate frequency and ensure stability. It will also participate in wholesale markets through energy arbitrage.
Located near a connection point in an area with high wind power penetration, the facility will contribute to the stability of Fingrid's grid.
“This is our first battery energy storage project in Finland and we are happy to sell it to L&G NTR Clean Power Fund,” said OX2 chief executive Paul Stormoen. He emphasized the project's role in stabilizing the grid amid the transition to a fossil-free energy system.
NTR chief investment officer Anthony Doherty highlighted the strategic value of the project, stating, “We are constantly looking to diversify the clean energy technologies we use, so Uusnivala is a very attractive addition for us and the Fund. This asset offers further geographical and technology diversification to the Fund and is testament to our dedication to drive the European transition to clean energy.”
With this addition, the fund now manages 480MW of onshore and offshore wind, solar, and battery energy storage across Spain, France, Sweden, Finland, and the UK. OX2's total portfolio within energy storage amounts to about 1GW, with projects in Sweden, Finland, Poland, Italy, Greece, and Australia.
