OX2, a solar and energy storage project developer, signed an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&G NTR Clean Power Fund, which will manage the project’s construction. NTR, a renewable energy asset manager, completed the transaction on behalf of the fund.
The Uusnivala battery energy storage project, situated in Nivala, Northern Ostrobothnia province, Finland, is located near a connection point in an area with high wind power penetration. It will provide ancillary services to the Finnish grid system to help regulate frequency, ensure grid stability, and provide energy arbitrage by participating in wholesale markets.
“With longstanding experience and expertise in developing and operating BESS projects in Ireland, expansion into the Finnish market is a great addition for NTR. 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 U.K. This asset offers further geographical and technology diversification to the fund and is a testament to our dedication to drive the European transition to clean energy,” says Anthony Doherty, Chief Investment Officer, NTR.
In April 2024, OX2 also agreed to sell the 42.5 MW/42.5 MWh Bredhälla energy storage project in Uppvidinge, Sweden, to Flower, an energy technology and energy storage solutions provider. The facility consists of lithium-ion batteries.
According to Mercom’s 1H and Q2 2024 funding and M&A report for Energy Storage and Smart Grid, 14 M&A transactions involving Energy Storage companies in 1H 2024, compared to eight (8) transactions in 1H 2023.
This week, DRI, an Amsterdam-based renewable energy company and a subsidiary of DTEK Group, announced the acquisition of a 133 MW/532 MWh energy storage project in Trzebinia, Poland. DRI acquired 100% of the shares from Columbus Energy, a Polish renewable energy services provider.
