OX2 has agreed to sell a substantial battery energy storage system project in Finland to L&G NTR Clean Power Fund.

The project, named Uusnivala, has a capacity of 50MW/110 megawatt hours (MWh) and is ready for construction, which will be overseen by the new owner,

The deal was finalised by NTR, representing the fund, and marks a significant step in enhancing the Finnish grid system.

The Uusnivala project provides essential ancillary services, including frequency regulation and grid stability.

The battery storage facility will also engage in energy arbitrage within the wholesale markets.

Its strategic location near a high wind power penetration area will support Fingrid, the Finnish transmission system operator, in maintaining grid stability.

OX2 chief executive Paul Stormoen stated: “This is our first battery energy storage project in Finland and we are happy to sell it to L&G NTR Clean Power Fund.

“The project will make a valuable contribution to stabilising the grid as the demands shift following a rapid electrification and transition to a fossil free-energy system.”

OX2's energy storage portfolio totals 1GW, with projects spanning Australia, Finland, Greece, Italy, Poland and Sweden.

NTR chief investment officer Anthony Doherty stated: “We are constantly looking to diversify the clean energy technologies we use, so Uusnivala is a very attractive addition for us and the Fund.

“With the addition of this project, the fund now manages 480MW of onshore and offshore wind, solar and battery energy storage across Spain, France, Sweden, Finland and the UK.

“This asset offers further geographical and technology diversification to the fund and is testament to our dedication to drive the European transition to clean energy.”

In May 2024, Swedish private equity company EQT proposed to acquire OX2.

EQT Infrastructure VI fund, via Otello BidCo AB2, has proposed to acquire all OX2 shares at Skr60 ($5.53) each, valuing the total bid at Skr16.35bn.