The UB Renewable Energy Fund (AIF) has acquired a 30MW/60MWh BESS project in Finland, on which it will start construction in Spring 2025.
The fund, part of wealth management firm United Bankers, has acquired a majority stake in the project from developer AmpTank Finland.
It will be located at transmission system operator (TSO) Fingrid’s Kellarijanka substation in Kemijarvi and construction is expected to start around Spring 2025 with a commercial operation date (COD) in late 2025.
Technology procurement for the project is still ongoing and the expected investment total is around €20 million (US$22 million). The project will primarily participate in the reserve market.
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United Bankers is a wealth management and investment firm with €4.8 billion in assets under management (AUM) while AmpTank is an energy storage developer founded in 2021 with ‘several’ projects under construction or ready-to-build (RTB).
Activity in Finland’s grid-scale energy storage market has picked up in the last few months as investors seek to capitalise on high ancillary service prices, a trend seen across the Nordic region.
On Monday, Aquila Clean Energy EMEA started building a 50MW BESS, while fellow developer MW Storage announced two new energy storage projects totalling 40MW, covered by Energy-Storage.news.
In August, another fund, L&G NTR Clean Power (Europe) Fund, acquired a 50MW/110MWh project from developer and engineering, procurement and construction (EPC) firm OX2.
Research firm LCP Delta expects over 400MW of grid-scale BESS to be online in Finland by the end of 2025.
See all Energy-Storage.news coverage of the Finnish market here.
