OX2 has signed an agreement to sell a 50MW battery energy storage system project in Finland to L&G NTR Clean Power Fund.
The transaction was completed by NTR on behalf of the fund and concerns the project Uusnivala which will have a 50MW/110MWh capacity when operational.
The scheme is ready to build and construction will be managed by the buyer.
The battery will provide the Finnish grid system with ancillary services to help regulate frequency and ensure grid stability.
Additionally, it will also participate in wholesale markets by providing energy arbitrage.
The facility will be located near a connection point in an area with high wind power penetration, which will contribute to Fingrid’s grid stability.
“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.
“The project will make a valuable contribution to stabilize the grid as the demands shift following a rapid electrification and transition to a fossil free-energy system,” he added.
NTR chief investment officer Anthony Doherty said: “We are constantly looking to diversify the clean energy technologies we use, so Uusnivala is a very attractive addition for us and the Fund.
“With the addition of this project, the fund now manages 480MW of onshore and offshore wind, solar and battery energy storage across Spain, France, Sweden, Finland and the UK.
“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.”
OX2’s total portfolio within energy storage amounts to about 1GW, with projects in Sweden, Finland, Poland, Italy, Greece and Australia.