Statkraft and OX2 have agreed a seven-year power purchase agreement for two battery energy storage systems totalling 235MW in Finland.
The facilities of 110MW and 125MW are under construction and will be optimised by Statkraft from 2028 under a structure that includes a revenue floor.
Statkraft said the deal is its largest BESS PPA in the Nordics to date.
The batteries will be located alongside OX2’s wind projects Kannisto in Halsua municipality and Korkeamaa in Soini municipality.
The companies added that the agreement supports system flexibility, stability and renewable integration in the region.
“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 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.”
“This agreement underlines the growing role of battery storage in Finland’s energy market,” added Heikki Herttuainen, senior originator at Statkraft Finland.
“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.”
“This agreement is a significant commercial milestone for OX2 as we continue to expand our energy storage business and diversify our portfolio,” said Mehmet Energin, chief commercial officer at OX2.
“Statkraft’s strong market presence and optimisation expertise provide a solid foundation for maximising the value of our BESS assets over the long term.”
“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.”