Statkraft and Swedish developer OX2 have signed a seven-year, 235-MW battery energy storage agreement in Finland. This is Statkraft’s largest BESS PPA in the Nordics to date.
Statkraft, a leading provider of power purchase agreements (PPAs) and the largest producer of renewable energy in Europe, and Swedish independent power producer (IPP) OX2 have closed an agreement for two large-scale battery energy storage systems (BESS) in Finland. This is Statkraft’s largest BESS PPA in the Nordics to date.
The PPA covers two BESS facilities, with capacities of 110 MW (220 MWh) and 125 MW (250 MWh) respectively, which are currently under construction. Statkraft will optimise the batteries over a seven-year term, starting in 2028, along with an innovative revenue floor structure to support the project’s financing. The batteries will be located at the same site as OX2’s wind projects Kannisto in Halsua municipality and Korkeamaa in Soini municipality.
The agreement highlights Statkraft’s commitment to advancing battery energy storage in the Nordics to improve system flexibility, stability, and renewable integration. Battery energy storage is crucial for managing intermittent renewable energy generation, ensuring the reliability of supply and facilitating the energy transition.
Hallvard Granheim, Executive Vice President Markets, Statkraft: 'We are proud to partner with OX2 in what is our largest battery optimisation agreement in the Nordics to date. 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.'”
Heikki Herttuainen, Senior Originator, Statkraft Finland: 'This agreement underlines the growing role of battery storage in Finland’s energy market. 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.'
Mehmet Energin, Chief Commercial Officer, OX2: 'This agreement is a significant commercial milestone for OX2 as we continue to expand our energy storage business and diversify our portfolio. 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.'
Statkraft has closed several significant battery PPAs, among them:
- United Kingdom, Thurrock Storage, Statera Energy: With 300MW (600MWh), Thurrock Storage in Essex is the UK’s largest operational BESS scheme. Statkraft signed a significant PPA with Statera Energy in 2023 to provide market-leading optimisation. Read more here.
- United Kingdom, Thorpe Mash Storage, Fidera Energy: Statkraft has agreed a PPA with Fidera Energy for its 1,4 GW Thorpe Marsh battery energy storage scheme, which will be the largest battery storage facility in the UK once operational. Read more here.
Source: Statkraft
