The renewables fund of wealth management firm United Bankers has acquired a “significant” majority stake in a company developing a 30-MW/60-MWh battery energy storage system (BESS) project in Finland.
UB Renewable Energy Fund (AIF) has bought the unspecified interest from Swiss-Finnish AmpTank Finland Oy, United Bankers said on Thursday without disclosing financial details about the transaction.
The BESS covered by the deal is set to be installed at transmission system operator (TSO) Fingrid’s Kellarijanka substation in Kemijarvi, in Finland’s Eastern Lapland sub-region. With construction planned to begin next spring, the facility is expected to enter commercial operations in late 2025.
Once in operation, the battery will provide two hours of storage capacity and will primarily participate in the reserve market.
The technology procurement for the project is still being tendered, but the investment is estimated at around EUR 20 million (USD 21.7m), United Bankers said.
