Two of Finland’s first standalone battery energy storage system (BESS) projects to reach financial close have secured long-term financing, with Natural Power acting as the lender’s technical advisor.
The schemes, being developed by OX2, comprise a combined 235MW/470MWh of storage capacity. They will be co-located with the Kannisto and Korkeamaa wind farms in Finland and represent OX2’s first energy storage additions to its Finnish independent power producer portfolio.
Construction is due to begin immediately, with both projects expected to enter commercial operation in 2028.
Natural Power delivered technical due diligence (TDD) reports to project financiers KfW IPEX-Bank, NatWest, Nordea and SEB. The reports assessed key technical risks and opportunities, providing lenders with independent analysis to support their investment decisions.
BESS: an important step in Finland’s energy transition
Clare McDowell, senior energy storage advisor at Natural Power, said: “We’re proud to have supported OX2 and the lenders in reaching financial close on these landmark BESS projects in Finland. As part of the first wave of energy storage projects to secure financing in the country, they required careful structuring, rigorous technical due diligence and strong alignment between sponsors and lenders. Drawing on our global BESS expertise, Natural Power played a key role in structuring robust contractual frameworks aligned with international best practice and lender expectations, while providing lenders with clear visibility of project risks and long-term performance potential.
“These projects mark an important step in Finland’s energy transition, enhancing grid flexibility and renewable integration, and we look forward to continuing our support through construction and into operations.”
Natural Power partnered with Etha Wind Oy to provide local expertise and on-the-ground support. In addition to its lender advisory role, the consultancy supported OX2 in refining equipment supply, construction, trading and operational agreements.
The company has now been appointed to provide construction monitoring services on behalf of both OX2 and the lending banks. Once operational, it will deliver ongoing operational monitoring to provide independent oversight of technical performance and asset reliability.
The projects are expected to support Finland’s energy transition by increasing grid flexibility and facilitating greater integration of renewable generation.
Image: BESS modules installed in a snowy landscape Credit: Natural Power
