Norwegian renewable energy producer Statkraft has entered into a seven-year agreement with Swedish independent power producer OX2 to manage two large-scale battery energy storage systems (BESS) with 235MW of capacity in Finland.
This is said to be Statkraft’s largest BESS power purchase agreement (PPA) in the Nordics.
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Under the contract, Statkraft will optimise two BESS facilities under construction, featuring capacities of 110MW, or 220 megawatt-hours (MWh), and 125MW (250MWh), respectively.
The seven-year term begins in 2028 and includes a revenue floor structure to support the project’s financing.
Both installations will be located alongside OX2’s wind energy projects in Halsua and Soini municipalities.
OX2 chief commercial officer Mehmet Energin said: “This agreement is a significant commercial milestone for OX2 as we continue to expand our energy storage business and diversify our portfolio.
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By GlobalData“Statkraft’s strong market presence and optimisation expertise provide a solid foundation for maximising the value of our BESS assets over the long term.
“By combining our project delivery and asset management capabilities with Statkraft’s market leadership, we are strengthening the competitiveness of our portfolio and accelerating the growth of flexible, future-proof energy solutions in the Nordics.”
The collaboration underscores Statkraft’s efforts to enhance battery energy storage capabilities within the Nordic region, with the aim of boosting system flexibility and stability while integrating renewable energy.
Statkraft Finland senior originator Heikki Herttuainen said: “This agreement underlines the growing role of battery storage in Finland’s energy market. As wind power expands, batteries are essential to managing intermittency and unlocking flexibility for the system.
“Optimising these assets locally allows us to support grid stability while creating value for both the developer and the Finnish power market.”
Statkraft has previously secured numerous major BESS PPAs.
In the UK, the company signed an agreement in 2023 with Statera Energy for the 300MW Thurrock Storage facility in Essex.
Additionally, it has partnered with Fidra Energy for the Thorpe Marsh BESS scheme, which is expected to become the largest battery storage facility in the UK once operational, with a capacity of 1.4GW.
In November 2025, Statkraft inaugurated new solar farms and battery installations at the Conference of the Parties 30 (COP30) climate summit in Belém, Brazil.
