Developer Ingrid Capacity and investor SEB Nordic Energy have partnered to build 13 battery energy storage system (BESS) projects in southern Sweden totalling 196MW of capacity.
The projects will range from 8-20MW in size, come online in the next 12 months and will all be in the SE3 and SE4 price areas, the companies said.
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They will provide ancillary services and load shifting to help maintain grid frequency and stability. Over time, they will also provide support at the local level too with services to distribution system operators (DSO) and industrial sites with things like peak power.
The BESS will help to improve the problematic power deficit situation in southern Sweden, they added.
SEB Nordic Energy is an investor in energy assets and is doing this deal Locus Energy AB, which focuses on clean energy, to-date mainly hydro and wind. Ingrid Capacity meanwhile is one of the most active developers in the Swedish BESS market, and typically partners with long-term owners.
Ingrid will therefore most likely take care of development activities while Locus will finance the projects’ construction and operation.
Mattias Söderqvist, deputy CEO & partner at Locus Energy commented: “The partnership with Ingrid Capacity will help accelerate the critical energy transition by adding much-needed flexibility to the Nordic energy system, and simultaneously create synergies with our existing production portfolio of wind- and hydropower located in the same price areas of SE3 and SE4.”
“We have awaited this investment opportunity to get to a point where the cost of building battery storage systems has come down coupled with more realistic long-term pricing of flexibility services in the Swedish market.”
Another of Ingrid’s partners in Sweden is BW ESS, the energy storage investment arm of global shipping and energy trading group BW (Premium access article). The two companies are working on a similar quantity of projects as Ingrid is with SEB.
Sweden is set to lead BESS deployments in the Nordics, with some 800MW of grid-scale projects set to be operational by the end of 2025 according to research firm LCP Delta. Most projects are 1-hour systems with the business case still centred around ancillary services.
