Evli Renewable Energy Infrastructure Fund II (Evli RE Infra II) and Helen Ltd are implementing a major green transition investment in electricity storage in Nurmijärvi. The storage facility is one of the first large-scale electricity storage systems in Finland. The investment will support the green transition of society, balance electricity price fluctuations, and secure the operational reliability of the electricity system. The storage facility will be completed in early 2025.
The need for electricity storage is growing every year, as the green transition requires the electricity system to become increasingly resilient. Electricity needs to be produced at any given moment in time in the same amount as it is consumed to keep the grid balanced and the electricity system operational. Electricity storage builds flexibility and storage capacity in the electricity system, thereby smoothing electricity price fluctuations in line with market conditions.
Evli RE Infra II, a renewable energy fund of the Evli Fund Management Company, is the developer of the project and will continue as a co-investor in the project after Helen's investment.
"We believe that an electricity storage facility participating in the reserve markets is an attractive green transition investment for our renewable energy fund. In addition to traditional renewable energy assets such as solar and wind, the fund's investment strategy includes investments in infrastructure that supports the growth of renewable energy. Through these investments, we are able to promote sustainable development and positive change, enabling long-term value creation," says Antti Jaakonsaari, portfolio manager of the fund.
One of the largest battery energy storage assets in Finland
The lithium-ion battery-based electricity storage facility, which will be built in Nurmijärvi, will consist of approximately 36 modules the size of a large sea container, which will be connected to the nearby grid of Fingrid Oyj. With a capacity of about 40 MW and an energy capacity of about 80 MWh, it will be one of the largest electricity storage facilities in Finland. The electricity storage project has a planned expansion option which, if implemented, will double the storage capacity. The electricity storage facility will balance Finland's electricity production and consumption by participating in Fingrid's reserve market.
The project combines the core competences of two reliable Finnish operators and an international technology company. Helen brings to the project its understanding and expertise in the energy system, complemented by Evli RE Infra II, which focuses on infrastructure investment, and Evli's expertise in renewable energy project development. Siemens has developed the project with Evli from the outset and will continue to be the project's operation and management services partner and, through its subsidiary VIBECO, the reserve markets trading partner. Siemens will also supply electrification and ICT technology for the project.
"Together with Siemens, we have studied the feasibility and viability of investing in electricity storage. Siemens' involvement from the beginning has ensured that the project has the latest market insight, technological expertise and know-how. This brings cost savings at different stages of the project," Jaakonsaari says.
The arrangements for the joint venture between Helen and Evli RE Infra II are still subject to the usual regulatory approvals.
For more information, please contact:
Antti Jaakonsaari, Portfolio Manager, Evli Renewable Energy Infrastructure Fund II, tel. +358 50 521 9833, antti.jaakonsaari@evli.com
Kim Pessala, Managing director, Evli Fund Management Company Ltd, tel. +358 9 4766 9141, kim.pessala@evli.com
