Foresight Group has announced that Foresight Energy Infrastructure Partners II SCSp (FEIP II) has completed its acquisition of a 100% interest in Nivala, a battery energy storage system (BESS) project, from Fotowatio Renewable Ventures (FRV).

Nivala is described as Finland's largest BESS project, and the deal marks Foresight's second investment in the Finnish market.

Project details

Nivala is a fully permitted, ready-to-build battery energy storage system project with a capacity of 100 MW/400 MWh, located in the city of Nivala in the North Ostrobothnia region of Finland.

The battery has a four-hour duration and is designed to participate in Finland's wholesale, intraday, and ancillary services markets, which the company identifies as a significant revenue driver for Finnish BESS.

The project is also intended to support the integration of renewable generation and the decarbonisation of the Finnish power system.

Following the acquisition, Foresight will continue to develop the project, which is expected to commence commercial operations in the second half of 2028.

Building on Finnish presence

The investment strengthens FEIP II's exposure to energy storage and grid flexibility infrastructure. It represents Foresight's second investment in Finland, following the acquisition of Puskakorpi, an 88MW project, in 2021 via Foresight Energy Infrastructure Partners I (FEIP I).

According to the announcement, Foresight's BESS portfolio across Europe consists of around 550 MW of operational capacity.

Market context

Foresight notes that Finland has emerged as one of the most attractive BESS markets in the Nordics, driven by rapid renewable energy growth, particularly in onshore wind.

The company also points to a positive demand-side story, with Finland acting as a key hub for Europe's data centre buildout following a recent announcement from Google to invest USD 14.58 billion in data centres across Finland.

Together, these factors increase the need for grid flexibility and battery energy storage systems.

Executive comments

Richard Thompson, Partner and Co-Manager of FEIP and FEIP II at Foresight Group, said, "The energy transition is no longer only about decarbonisation, it is increasingly about maintaining system security, reliability, and resilience as electricity demand grows and economies become more electrified. As Finland sees accelerated investment in data centres and new industrial demand, we expect grid-scale battery storage to play an increasingly important role in providing flexibility, supporting grid stability, and helping integrate more renewable power into the system. Project Nivala provides immediate access to this critical infrastructure opportunity."

Javier Huergo, Chief Investment Officer of FRV, commented, "This transaction reflects FRV's ability to create value throughout the entire development cycle of its projects and successfully execute its asset rotation strategy. The sale of Nivala allows us to crystallise the value generated during the development phases and reinvest those resources in new opportunities that will continue to drive the energy transition and strengthen our international BESS project portfolio."

Seller's asset rotation strategy

For Fotowatio Renewable Ventures, the sale of Nivala forms part of its asset rotation strategy, allowing the company to crystallise value generated during the development phases and reinvest resources in new opportunities while strengthening its international BESS project portfolio, according to Huergo's statement.

The transaction underscores growing investor interest in Nordic grid flexibility assets, with Foresight positioning the Finnish market as a priority destination for battery storage deployment amid rising electricity demand from data centres and industrial users, and continued growth in onshore wind generation.

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