Neoen launches construction of Storen Power Reserve

In line with its develop-to-own model, Neoen owns 100% of Storen Power Reserve and will be the long-term operator of the asset. The battery will provide Svenska Kraftnät, the Swedish transmission system operator, with ancillary services – and more precisely frequency containment reserve services. It will help maintain the balance between production and consumption in real time, efficiently enhancing the power system security. The battery will reduce grid stabilisation costs while facilitating the integration of renewable energy assets.

This new asset reflects Neoen’s ambition to become a leading player in Sweden. In addition to the 40 MW/40 MWh Storen Power Reserve battery, Neoen’s Swedish assets include the Storbrännkullen wind farm (57.4 MW – currently under construction) and the Hultsfred solar park (90 MWp – construction planned for 2H23). Based in Stockholm, Sweden, since 2020, Neoen’s fast-growing Swedish team is developing numerous projects across the country.

Storen Power Reserve is Neoen’s second battery in the Nordics, the first being the 30 MW/30 MWh Yllikkälä Power Reserve in Finland (in operation since 2020). Neoen is recognised as one of the world’s most dynamic players in storage. The firm is a leading owner and operator of big batteries, with a battery storage portfolio of over 1000 MW in operation or under construction. In particular, Neoen owns and operates two of the world’s largest batteries: the 300 MW/450 MWh Victorian Big Battery, and the 150 MW/193.5 MWh Hornsdale Power Reserve, both in Australia.

Laetitia Prot, Head of Business Development Sweden, said: “We are delighted to see Neoen expanding fast in Sweden, only two years after setting up our team in Stockholm. I wish to thank all stakeholders, in particular distribution system operator E.ON, and Ragunda Municipality, for their support, and for playing alongside us an active role in Sweden’s energy transition. Storen Power Reserve is a perfect demonstration of our unique expertise, which enables us to roll out innovative solutions rapidly. We will continue contributing actively to the development of renewable energy in Sweden in 2023.”

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, concluded: “I would like to congratulate our Swedish team for this major milestone. We are convinced that large scale battery storage is vital to the energy transition in Sweden, as in the rest of the world. Storage is the key to unlocking the full potential of solar and wind. Through our solar, wind, and storage assets in Sweden and elsewhere, we are proud of our leading role in establishing the power generation mix of the 21^st Century.”

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