Swedish flexible assets developer and optimizer Ingrid Capacity has joined hands with SEB Nordic Energy’s portfolio company Locus Energy to develop what is claimed to be Finland’s largest and one of the Nordics’ largest battery energy storage systems (BESS). The 70 MW/140 MWh BESS project will be located in Nivala, northern Finland.
At more than 1 million cubic meters in size, the underground heat storage system will have a total capacity that corresponds to the annual heating demand of a medium-sized Finnish city. The 90 GWh seasonal thermal energy storage will be built in Vantaa, near Helsinki.
The project proponents have confirmed that the construction works will start in March 2025. The project, which is one of the largest of its kind in Finland, will provide grid services including frequency response and will be able to participate in energy trading on wholesale power markets.
Now, with all permits in place, the project is expected to break ground in summer this year and slated for completion in 2028. The project cost is estimated to be around €200 million ($217 million), and it has already been awarded a €19 million investment grant from Finland’s Ministry of Economic Affairs and Employment.
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