Statkraft and OX2 have signed a 7-year, 235 MW battery energy storage agreement in Finland, marking Statkraft’s largest BESS optimization PPA in the Nordics. The deal covers two systems totaling 470 MWh, co-located with wind projects in Halsua and Soini. Optimization begins in 2028 and includes a revenue floor structure supporting project financing and grid flexibility.
PROJECT SNAPSHOT
Norway-based renewable power producer, Statkraft and Swedish independent power producer (IPP), OX2 have signed a 7-year battery energy storage optimization agreement in Finland covering a combined capacity of 235 MW / 470 MWh. The agreement represents Statkraft’s largest battery energy storage PPA in the Nordics to date and applies to 2 large-scale BESS facilities currently under construction.
The portfolio includes a 110 MW / 220 MWh system and a 125 MW / 250 MWh system. Both assets are being developed by OX2 and will be co-located with the Kannisto wind project in Halsua municipality and the Korkeamaa wind project in Soini municipality. The batteries are scheduled to enter the optimization period in 2028, aligned with expected commercial operations.
Under the agreement, Statkraft will optimize the BESS facilities over a 7-year term. The structure incorporates a revenue floor mechanism designed to provide income predictability and support project financing. Such long-term optimization contracts are increasingly used in Nordic markets to balance merchant exposure with structured revenue arrangements.
The co-location of battery storage with wind generation enables coordinated dispatch and improved integration of variable renewable output. As wind capacity expands in Finland, battery systems are being deployed to manage intermittency, provide frequency response and participate in power market trading strategies.
The 235 MW BESS portfolio is positioned to contribute to grid flexibility in Finland by supporting system balancing and enhancing operational responsiveness within the electricity market framework.
Hallvard Granheim, Executive Vice President Markets at Statkraft, said that the agreement marked the company’s largest battery optimization contract in the Nordics, noting that long-term structures can provide predictable revenues to support project financing and system flexibility.
Heikki Herttuainen, Senior Originator at Statkraft Finland, said the deal reflected the expanding role of battery storage in Finland as wind capacity increases, adding that local optimization can enhance grid stability and market value.
Mehmet Energin, Chief Commercial Officer at OX2, described the agreement as a commercial milestone, highlighting Statkraft’s optimization expertise and the collaboration’s role in strengthening the company’s energy storage portfolio in the Nordics.