OX2 has sold the Uusnivala battery energy storage system (BESS) project in Finland to L&G NTR Clean Power Fund. The 50 MW/110 MWh project, now ready for construction, will be overseen by the new owner.

This sale represents a significant enhancement to the Finnish grid system. Uusnivala will provide essential ancillary services, including frequency regulation and grid stability, and engage in energy arbitrage within wholesale markets. Strategically located near a high wind power penetration area, it will support Fingrid, the Finnish transmission system operator, in maintaining grid stability.

This marks OX2’s first battery energy storage project in Finland and adds to its 1 GW energy storage portfolio spanning Australia, Finland, Greece, Italy, Poland, and Sweden.

With Uusnivala, the fund now manages 480 MW of onshore and offshore wind, solar, and battery energy storage across Spain, France, Sweden, Finland, and the UK. In May 2024, Swedish private equity company EQT proposed acquiring OX2, offering Skr60 ($5.53) per share, valuing the total bid at Skr16.35 billion.

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