Norway’s state-owned utility Statkraft and Swedish renewable developer OX2 have signed a seven-year power purchase agreement covering two battery energy storage systems (BESS) with a combined capacity of 235 megawatts in Finland.
The facilities, rated at 110 MW and 125 MW, are currently under construction and are scheduled to be optimised by Statkraft from 2028 under a structure that includes a revenue floor. Statkraft said the agreement represents its largest battery optimisation deal in the Nordic region to date.
The batteries will be co-located with OX2’s wind projects Kannisto in Halsua municipality and Korkeamaa in Soini municipality. The companies said the arrangement is intended to support system flexibility, grid stability and the integration of renewable energy in Finland.
“We are proud to partner with OX2 in what is our largest battery optimisation agreement in the Nordics to date,” said Hallvard Granheim, executive vice president for markets at Statkraft.
“Long-term optimisation agreements like this provide predictable revenues, which can be an important enabler for developers when financing battery energy storage projects, while also supporting the delivery of much-needed system flexibility,” he added.
Heikki Herttuainen, senior originator at Statkraft Finland, said the agreement reflects the expanding role of storage in the country’s power market.
“This agreement underlines the growing role of battery storage in Finland’s energy market,” he said. “As wind power expands, batteries are essential to managing intermittency and unlocking flexibility for the system.”
“Optimising these assets locally allows us to support grid stability while creating value for both the developer and the Finnish power market,” Herttuainen added.
Mehmet Energin, chief commercial officer at OX2, described the deal as a milestone for the company’s storage strategy.
“This agreement is a significant commercial milestone for OX2 as we continue to expand our energy storage business and diversify our portfolio,” Energin said.
“Statkraft’s strong market presence and optimisation expertise provide a solid foundation for maximising the value of our BESS assets over the long term,” he added. “By combining our project delivery and asset management capabilities with Statkraft’s market leadership, we are strengthening the competitiveness of our portfolio and accelerating the growth of flexible, future proof energy solutions in the Nordics.”
