Ardian invests in 38.5 MW Finnish BESS project

The investment, made from the Ardian Clean Energy Evergreen Fund (ACEEF), marks the fund’s first investment in the BESS asset class, which is expected to grow significantly in size from 11 GWh of installed capacity in Europe today to 75 GWh by 2030 according to Bloomberg New Energy Finance. Ardian assessed the merits of this investment using OPTA, Ardian’s proprietary data analysis platform, which powers revenue and operational strategy across Ardian’s renewable infrastructure portfolio globally.

The project is aligned with the ACEEF strategy in Finland, which aims to acquire and aggregate wind and solar power assets to benefit from economies of scale and to better utilise the grid interconnection points by developing battery storage assets. This follows the acquisition of two wind farms in Finland in 2023, totalling more than 27 MW. The strategy is being executed by eNordic, a renewable energy platform developed and wholly owned by Ardian to serve the Nordic region.

Mertaniemi battery energy storage project is a joint venture between ACEEF and Lappeenrannan Energia, a Finnish municipal energy company. It will see the development of a 1-hour 38.5 MW energy storage system. The project is due to complete in spring 2025 and is located near the Mertaniemi power plant in Lappeenranta.

In addition to the energy storage system, the project includes the development of facilities to protect the batteries from extreme weather conditions. Once complete, the system will participate in the local grid’s frequency reserve markets and support the balancing of production and consumption in the power grid. The ACEEF will continue to execute its strategy to grow the platform in Finland, with the acquisition of further wind and battery assets in the region.

More broadly, Ardian’s investment portfolio in renewable energy in the Nordic countries now aggregates to €1.2 billion. It comprises wind parks totalling over 500 MW, as well as renewable energy company Nevel, which is active in district heating, industrial utilities and biogas across Finland, Sweden and Estonia. Recently Ardian announced acquisition of Verne Global, a company who owns and operates three data centres in Finland; this acquisition is still in the approval process by local authorities.

“The investment in a new battery storage system, which is a first for Ardian’s clean energy evergreen fund, is an essential part of our strategy in Finland. We identified an opportunity to scale Finland’s wind capacity and connect battery storage technology to create a balanced and productive energy system. With our existing strong presence and network in the Nordic countries, and our expertise in financing and operating long-term renewables projects, Ardian is perfectly placed to foster this new market opportunity,” said Benjamin Kennedy, Managing Director Renewables Infrastructure, Ardian.

“Ardian is dedicated to driving forward the energy transition and helping to scale renewable technology to reduce carbon emissions. Renewable energy is now being generated at an unprecedented rate and building power storage solutions is vital for helping balance supply and demand to the grid, for the creation of a stable modern electricity network. This investment is a significant step towards a more sustainable and reliable energy future in Finland,” added Mathias Burghardt, Executive Vice President and Head of Infrastructure, Ardian.

“The Nordic energy market is already ahead of the curve regarding the energy transition, largely due to the volume of emerging technological developments. Mertaniemi battery energy storage project exemplifies eNordic’s position at the forefront of this movement, helping realise the region’s ambition to become a leading player in sustainable energy,” commented Eero Auranne, CEO of eNordic.

 

 

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Read the article online at: https://www.energyglobal.com/energy-storage/14022024/ardian-invests-in-385-mw-finnish-bess-project/