FRV increases BESS portfolio with financial close of SIMO project

Developed in partnership with AMPTank Energy Oy, SIMO represents a decisive step in FRV’s strategy to consolidate its leadership in the global energy storage sector.

Phase 2 of SIMO is a continuation of the pioneer BESS project: Phase 1, a 30 MW/60 MWh project in the near Fingrid’s Simojoki substation in Lapland, located at the top of the Baltic Sea, just over 100 km below the Arctic Circle.

With SIMO, FRV continues to strengthen its energy storage platform, increasing the capacity of its BESS portfolio in operation and development. The project will enhance the flexibility of Finland’s electricity grid, support greater penetration of renewable energy sources, and drive the decarbonisation of the country’s energy mix.

SIMO will use 24 Sungrow PowerTitan battery arrays in phase 1 and 34 Huawei Luna battery containers in phase 2, delivering 200 MWh of capacity and making it one of the largest projects in the country. The project covers a 1.2-hectare area and is key to stabilising Finland’s growing renewable energy grid.

The financing of the project has been structured through a term loan provided by Kommunalkredit Austria AG, which has acted as sole arranger and lender.

David Menéndez, Managing Director of FRV Energy Storage, commented: “This project represents a key milestone in consolidating our energy storage strategy. SIMO will help reinforce grid stability and enable greater integration of renewable energy in a key European market such as Finland.”

Tom Guilfoyle, Managing Director of FRV UK, added: “Collaboration with Kommunalkredit, and the commitment of other stakeholders and partners throughout the development of SIMO has been decisive in bringing this project forward. SIMO strengthens our position as a reference player in storage, particularly in the Nordics, and reflects FRV’s commitment to a more sustainable energy future.”

Neal Kumar, Chairman of AMPTank AG, noted: “We greatly value our co-operation with first class companies such as FRV and Kommunalkredit, which allows us to develop and deliver grid scale BESS projects at scale and further the EU’s goals for renewable energy deployment. We are looking forward to further growth in Finland, the pre-eminent country in Europe for both energy storage and data centres.”

Volker Kruse, Head of Banking at Kommunalkredit, concluded: “Kommunalkredit is proud to support FRV and AMPTank in delivering this landmark project in Finland. As the country’s largest BESS, SIMO will play a pivotal role in advancing Finland’s ambitious decarbonisation targets. This transaction underscores Kommunalkredit’s strong commitment to Europe’s green transition and reinforces the bank’s position as a trusted financing partner in energy storage infrastructure.”

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