OX2 sells 50-MW Finnish BESS project to L&G NTR Clean Power Fund

Swedish renewables developer OX2 AB (STO:OX2) has sold a 50-MW shovel-ready battery energy storage system (BESS) project, called Uusnivala, in Finland to the L&G NTR Clean Power (Europe) Fund, the parties announced separately on Thursday.

Irish renewables asset manager NTR Plc acquired the project on behalf of the Fund.

The Uusnivala BESS will be situated in Nivala, Northern Ostrobothnia region, in an area with high wind power penetration. With a storage capacity of 110 MWh, the battery will provide the Finnish grid system with ancillary services to help regulate frequency and ensure grid stability, and will also participate in wholesale markets by providing energy arbitrage.

Construction of the project will be managed by the buyer.

Uusnivala is the first BESS project in Finland for OX2 and the Fund’s second acquisition in that market. In October 2023, the Fund acquired the 86.8-MW Pajuperankangas wind farm project, set in Northern Ostrobothnia, while it was under construction. The wind farm has since started operation, the Fund said in its press release.

“With longstanding experience and expertise in developing and operating BESS projects in Ireland, expansion into the Finnish market is a great addition for NTR,” commented Anthony Doherty, NTR’s chief investment officer.

“With the addition of this project, the Fund now manages 480 MW of onshore and offshore wind, solar and battery energy storage across Spain, France, Sweden, Finland and the UK,” Doherty added.

The L&G NTR Clean Power (Europe) Fund is a joint partnership between Dublin-based NTR and UK’s Legal & General Investment Management (LGIM).

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