Statkraft, one of Europe’s largest renewable energy producers and a major provider of power purchase agreements (PPAs), has signed an agreement with Swedish independent power producer OX2 for two large-scale battery energy storage systems (BESS) in Finland. The deal represents the largest battery energy storage PPA signed by Statkraft in the Nordic region so far. The agreement covers two battery storage facilities that are currently being constructed. One system will have a capacity of 110 megawatts with an energy storage capability of 220 megawatt-hours, while the second facility will have a capacity of 125 megawatts and a storage capacity of 250 megawatt-hours. These projects will play an important role in strengthening energy storage infrastructure in Finland’s growing renewable energy sector.
Under the agreement, Statkraft will manage and optimise the performance of the batteries for a period of seven years beginning in 2028. The arrangement also includes a revenue floor structure designed to provide financial stability for the projects and help support their long-term financing. Such structures can make it easier for developers to secure investment by ensuring a minimum level of revenue from energy storage operations. Both battery facilities will be located at the same sites as wind power projects developed by OX2. One system will be built near the Kannisto wind project in Halsua, while the other will be associated with the Korkeamaa wind project in Soini. Integrating battery storage with wind energy projects allows excess electricity generated during periods of strong wind to be stored and released when demand increases or when wind generation decreases.
The partnership reflects Statkraft’s continued efforts to support the development of battery energy storage solutions across the Nordic region. As renewable energy sources such as wind and solar expand, energy storage technologies are becoming increasingly important for balancing electricity supply and demand. Batteries help manage fluctuations in renewable energy generation, improve grid stability, and support a more reliable electricity system.
Hallvard Granheim, Executive Vice President of Markets at Statkraft, explained that the agreement with OX2 represents the company’s largest battery optimisation project in the Nordic region to date. He noted that long-term optimisation agreements can provide predictable income streams for energy storage developers, which is often an important factor when securing financing for large infrastructure projects. At the same time, such arrangements also contribute to improving the flexibility and resilience of the electricity system.
Heikki Herttuainen, Senior Originator at Statkraft in Finland, highlighted the growing importance of battery storage in the country’s energy market. As wind power capacity continues to expand across Finland, batteries are needed to manage the variable nature of wind generation. By optimising the battery systems locally, Statkraft can help maintain grid stability while creating value for both the project developer and the national electricity market. From the perspective of OX2, the agreement is also an important step in expanding its energy storage business. Mehmet Energin, Chief Commercial Officer at the company, described the deal as a significant commercial milestone. He explained that partnering with Statkraft allows OX2 to combine its expertise in project development and asset management with Statkraft’s experience in energy market optimisation.
Through this collaboration, both companies aim to maximise the long-term value of the battery storage assets while strengthening the competitiveness of OX2’s renewable energy portfolio. The partnership is also expected to accelerate the growth of flexible energy solutions in the Nordic region. As renewable energy generation continues to grow in countries such as Finland, projects like these demonstrate the increasing role of battery storage in supporting the transition to a more sustainable and reliable energy system. By integrating energy storage with renewable power generation, companies such as Statkraft and OX2 are helping build a more flexible electricity network capable of meeting future energy needs.
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