We have supported our client OX2 in securing long-term project financing for two battery energy storage system (BESS) projects in Finland, representing some of the first standalone BESS projects in the country to reach financial close.
The projects, with a combined capacity of 235MW/470MWh, will be co-located with the Kannisto and Korkeamaa wind farms in Finland and mark OX2’s first energy storage additions to its Finnish independent power producer (IPP) portfolio. Construction is scheduled to begin immediately, with operations expected to commence in 2028.
Natural Power acted as the lender’s technical advisor (LTA), delivering comprehensive technical due diligence (TDD) reports to project financiers KfW IPEX-Bank, NatWest, Nordea and SEB. The reports identified key project risks and opportunities, providing lenders with the independent technical insight required to underpin their investment decisions.
Clare McDowell, Senior Energy Storage Advisor at Natural Power, said: “We’re proud to have supported OX2 and the lenders in reaching financial close on these landmark BESS projects in Finland. As part of the first wave of energy storage projects to secure financing in the country, they required careful structuring, rigorous technical due diligence and strong alignment between sponsors and lenders. Drawing on our global BESS expertise, Natural Power played a key role in structuring robust contractual frameworks aligned with international best practice and lender expectations, while providing lenders with clear visibility of project risks and long-term performance potential.
“These projects mark an important step in Finland’s energy transition, enhancing grid flexibility and renewable integration, and we look forward to continuing our support through construction and into operations.”
We partnered with Etha Wind Oy, a long-standing and trusted subcontractor in the Nordics, to deliver local expertise and on-the-ground support. In addition to our LTA role, the team also supported OX2 in refining equipment supply, construction, trading and operational agreements, drawing on our global experience across the BESS and hybrid project landscape.
We have now been appointed to provide ongoing construction monitoring services on behalf of both OX2 and the lenders. Once the projects become operational, we will also deliver operational monitoring services, ensuring continued independent oversight of technical performance and asset reliability.
Whether it’s banks, developers, independent power producers (IPPs), utilities, or investment funds, Natural Power supports organisations in making sound financial decisions for green energy projects. Find out more about our due diligence services here: Renewable Energy Project Due Diligence | Natural Power