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.
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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.
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.
