Renewable energy developer Aurinkokarhu and Futureal Energy Partners (FEP) have entered into a joint venture (JV) to develop and finance approximately 3GW of solar, battery storage and hybrid energy projects in Finland.

The collaboration will also allow expansion into other Nordic countries, with Sweden identified as the next market.

The JV intends to enhance the reliability of electricity supply and support the stabilisation of power prices in the Nordic region.

Aurinkokarhu is based in Korsholm, Finland, while FEP is the energy business of European investment company Futureal Group.

Through the JV, both companies aim to accelerate the deployment of large-scale battery energy storage systems (BESS), solar farms and data centres across the region.

According to the companies, the current focus of the portfolio is on BESS, with around 2GW under development.

The remainder of the planned capacity includes 1GW of solar power installations as well as several hybrid projects combining both solar and storage technologies.

Around 1GW of the total pipeline is expected to be ready to commence construction in 2026, with further projects targeted for 2027 and 2028.

Projects within the joint portfolio include the Åback Energy Storage facility in Tjöck, Kristinestad and the Annis Energy Storage site in Jussila, Nykarleby.

Aurinkokarhu co-founder Staffan Asplund said: “We develop our projects in close dialogue with landowners, municipalities and utility companies, and this partnership allows us to move projects to the construction phase quickly. It also sends a message of continuity to the local communities that are hosting one of our projects.

“We want to offer residents, municipalities and other local stakeholders a well-capitalised developer with a long-term commitment.”

The first JV project was to obtain financing to develop a 124MW battery storage facility in Tuovila, Toby, in Korsholm. This transaction was completed in 2025, with FEP providing the funding.