Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, announces an equity investment of €65 million in two battery energy storage systems (BESS), developed by Ingrid Capacity. The projects are the first in Mirova’s Nordic Storage Platform (NSP), established to develop, build and operate utility-scale battery energy storage assets across the Nordic region. The battery energy storage systems (BESS) in Finland and Sweden will provide 145 MW of power capacity and 290 MWh of storage capacity, helping strengthen grid resilience and support the integration of renewable energy.
At a time when Europe’s energy sovereignty has become a strategic priority, investing in infrastructure that strengthens local energy systems is both an environmental imperative and an economic necessity. By storing electricity and releasing it when needed, battery energy storage systems can enhance grid flexibility and resilience, while supporting the integration of a growing share of intermittent renewable energy.
This transaction marks Mirova's first investment alongside Ingrid Capacity, establishing a foundation for a scalable battery storage strategy across the Nordic region. The portfolio benefits from a resilient risk-return profile, including a offtake agreement for the Pedersöre project.
NSP’s initial portfolio comprises two utility-scale projects:
- Pedersöre, Finland: a 45 MW / 90 MWh battery storage project that is ready to build. The project represents Mirova’s first energy transition infrastructure investment in Finland.
- Vaggeryd, Sweden: a 100 MW / 200 MWh battery storage project located in the SE3 electricity price area, expected to reach ready-to-build status in 2027.
The two projects will be developed, operated and optimised by Ingrid Capacity, a leading Nordic battery storage specialist. Ingrid Capacity will provide technical and commercial asset management, EPC management and optimisation services, while continuing to develop the Vaggeryd project until it reaches ready-to-build status.
The partnership combines Ingrid Capacity’s expertise in developing and operating battery storage assets with Mirova’s experience financing energy transition infrastructure across Europe, with a strong track record as an investor in Swedish energy infrastructure. Together, the two companies aim to support the deployment of storage capacity that can contribute to more resilient and flexible power systems in the Nordics.
'We are pleased to be Mirova’s first BESS partner in the Nordics. Strong partnerships are essential when creating value for the long term and our two institutions share the same sense of responsibility in doing so. Both companies understand the critical role for BESS in building a better grid and European resilience. Our mission is to build Europe’s leading integrated flexibility platform. Trusted partners like French Mirova are key to that growth journey,' said Axel Holmberg, CEO, Ingrid Capacity.
'Battery storage is becoming a critical component of Europe’s energy infrastructure, enhancing grid flexibility, supporting renewable integration and strengthening security of supply. This initial portfolio is underpinned by attractive market fundamentals and a resilient risk-return profile, including an offtake agreement for the Pedersöre project. We look forward to scaling the platform and supporting the development of more resilient energy systems across the Nordic region,' said Antoine Blayau, Investment Director, Mirova.
Advisors
Mirova was advised by Mannheimer Swartling as lead legal counsel, with support from Finnish law firm Hannes Snellman; Baringa on technical and market matters; EY on tax; WTW on insurance; and RMT on antitrust matters.
Source: Mirova
