Statkraft Secures 235-MW Finnish Battery Storage Deal with OX2

Event summary

  • Statkraft and OX2 signed a seven-year, 235-MW battery energy storage PPA in Finland, the largest BESS PPA in the Nordics for Statkraft.
  • The agreement covers two BESS facilities (110 MW/220 MWh and 125 MW/250 MWh) under construction, starting operations in 2028.
  • Statkraft will optimize the batteries with an innovative revenue floor structure to support project financing.
  • The batteries will be co-located with OX2’s wind projects in Finland, supporting renewable integration.

The big picture

This deal underscores the growing importance of battery storage in managing intermittent renewable energy, particularly in Finland’s expanding wind sector. Statkraft’s role as a leading PPA provider highlights its strategic pivot toward optimizing energy storage assets to enhance grid flexibility. The 235-MW capacity represents a significant step in scaling battery storage solutions across the Nordics, aligning with broader European energy transition goals.

What we're watching

Market Expansion
Whether Statkraft can replicate this model in other Nordic markets to accelerate battery storage adoption.
Financial Viability
The effectiveness of the revenue floor structure in attracting financing for similar projects.
Operational Synergies
How co-locating batteries with wind projects will impact grid stability and renewable energy reliability.

Related topics

Utilities