Finland is the Nordic region’s most talked-about market at the moment, with project deals and other battery storage development activity from local and international players.
BESS revenues have declined dramatically in the three years or so since development began in Finland.
According to the Clean Horizon Storage Index, at the highest point in September 2023, a 1-hour duration BESS asset in Finland could typically earn €645,000/MW/year (US$724,451/MW/year) in annualised gross revenue, a 2-hour asset around €810,000/MW/year and a 4-hour asset €845,000/MW/year.
As of August 2026, the picture was very different, with consultancy Clean Horizon calculating revenues for a 1-hour asset at just €50,000/MW/year, a 2-hour BESS at €78,000/MW/year and a 4-hour BESS at €111,000/MW/year.
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Clean Horizon has said that, despite the saturation of the market driving ancillary services revenues downward—in a country where 1GW of confirmed deployments around the start of the year is predicted by grid operator FinGrid to soon be joined by 2.6GW of under-construction projects—participation volumes in aFRR, mFRR EAM remain high, while the increase in intraday exchanges presents further revenue opportunities to come.
Enlight acquires 400MWh project from Usva Energia
Israel-headquartered developer and independent power producer (IPP) Enlight Renewable Energy has acquired a 100MW/400MWh ready-to-build battery energy storage system (BESS) project in Pyhäjoki, on the Gulf of Bothnia coast, around 570km north of the Finnish capital, Helsinki.
The vendor is Finnish energy infrastructure developer Usva Energia, which is active in generation (solar and wind), flexibility (BESS) and consumption (data centres and industrial) projects.
Usva, founded in 2024, claims to have sold three ready-to-build BESS sites in Finland during 2026, including its Teuva 100MW project, which it sold to the German company Prime Capital in March.
The developer said work carried out on the new project prior to it reaching ready-to-build status in July 2026 included site acquisition, permitting, grid connection preparation and technical design.
Nasdaq- and Tel Aviv Stock Exchange-listed buyer Enlight is active in 15 countries, including the US, numerous European countries and Israel. It claims a total portfolio of 43.1 factored gigawatts (FGW), or GWh-equivalent, across development and operating assets, including ~20.5GWh of BESS. Enlight’s operational portfolio across solar, wind and BESS totals 3.9FGW.
Nala Renewables fires starting pistol on 125MW/250MWh project
Developer Nala Renewables has followed up its recent BESS development project acquisition in Finland with the issuance of a Notice to Proceed (NTP) for another.
A week ago, Energy-Storage.news reported Switzerland-headquartered developer and IPP Fu-Gen had closed a deal to sell its 100MW/200MWh Kärppiö BESS project in Teuva municipality, South Ostrobothnia, to Nala Renewables.
Kärppiö is the third ready-to-build (RTB) BESS project Fu-Gen has sold to Nala in Finland to date, totalling 275MW/550MWh. An initial 50MW project, Kauhava, was sold in 2025 with a deal for Fu-Gen’s 125MW/250MWh Vuolijoki project signed earlier this year.
Now renamed Nala Vuolijoki, the new owner said on Wednesday (7 October) that the NTP signals the start of its construction phase.
Nala Renewables will develop the project to own, working with EPC and local engineering support partner Despro, balance of plant (BOP) contractor Destia and BESS technology supplier Sungrow. Dutch financial services group Rabobank provided long-term financing, although financial terms were not discussed in Nala Renewables’ latest announcement.
“The project demonstrates the important role that large-scale energy storage can play in strengthening grid resilience and enabling the continued integration of renewable energy and reflects our commitment to supporting leading clients in delivering the infrastructure required for the energy transition,” Rabobank executive director Gijs Hofman said.
Centrica signed up to optimise 300MWh Delta Capacity-Covenergo project
The energy trading arm of UK-headquartered generation company Centrica Energy has signed its third BESS project optimisation deal in the Nordic region with Swiss developer Delta Capacity.
Delta Capacity and Czech renewable energy services provider Covenergo are collaborating on the AKKU One 125MW/300MWh standalone BESS in Lapinlahti, Finland. The pair have just begun construction of the project, as reported by Energy-Storage.news in September.
The AKKU One project was acquired at RTB stage and is Delta Capacity’s second in Finland. Both have been purchased from Helios Nordic Energy.
Centrica already provides route-to-market (RTM) optimisation services to the previously acquired development asset. Last month, the British company signed a partial tolling agreement for the 125MW/300MWh Karppio project in Teuva, which Delta Capacity bought jointly with family office Strioga Family Foundation in the summer.
Under the terms of the partial tolling agreement, Centrica Energy said its 24/7 trading and multi-market optimisation capabilities will be applied to AKKU One across Nordic power markets.
Revenue streams from wholesale, balancing and ancillary services markets will be stacked, while the partial tolling structure allows the parties to benefit from merchant upside while anchored by long-term secured revenues. Commissioning is scheduled to take place in the fourth quarter of this year.
“Signing two tolling agreements with Centrica Energy in Finland within a single month shows the pace at which we’re scaling our Nordic platform,” Delta Capacity CEO Patrik Hes said.
Centrica Energy also optimises Delta Capacity’s 70MW/160MWh Ånge BESS in Sweden, which went into commercial operation in June.
“As power systems become increasingly shaped by renewable generation, flexible assets such as battery storage play a critical role in balancing supply and demand and creating value from market volatility,” Cassim Mangerah, managing director of Centrica Energy.
Olana Energy brings online distribution-connected assets
At the other end of the scale, developer Olana Energy has completed two distribution-connected BESS projects in southwestern Finland, totalling 17MW/18MWh.
They comprise a 10MW/10MWh project in the village of Gunnarsnäs and a 7MW/8MWh project in the Koski Tl municipality.
Both are connected to the distribution system operator Caruna’s 20kV balancing platform and participate in ancillary services markets. Olana Energy now has 48MWh of BESS in operation in Finland, built as full-wrap EPC projects by the company’s in-house construction arm.
The company now has Ristimäki, a further 30MW/34MWh asset in Finland, due to enter commercial operation by the end of this year and Šalčininkai, a 70MW/140MWh project in Lithuania, under construction.
Olana Energy was founded in Finland as a solar PV developer in 2023, but pivoted a year later, in 2024, to focus on BESS assets under an independent power producer business model.
