Korkia's development joint venture has completed the sale of the Kukonkylä battery energy storage system project in Sievi, Finland, to Enlight Renewable Energy Ltd, marking one of the largest publicly announced battery storage transactions of its kind in the country.

Project Background and Development Timeline

The Kukonkylä project is a 125 MW standalone battery energy storage system located in Sievi, Northern Ostrobothnia. It was developed by Korkia Semecon Finland Renewables, a joint venture between Finnish renewable energy investor and developer Korkia and Semecon.

Korkia made its investment decision on the project in November 2024 and brought it to ready-to-build status within six months, completing that milestone in May 2025. The transaction has now closed, transferring ownership of the ready-to-build asset to Enlight.

Under Enlight's ownership, Kukonkylä is expected to connect to Finland's transmission grid by the first half of 2028. The project operates as a standalone storage facility, meaning it is not co-located with a generation asset, and is designed to provide grid flexibility as Finland's share of wind and solar power continues to expand.

Korkia and Semecon were advised on the transaction by EY-Parthenon Corporate Finance and HPP Attorneys. Financial terms of the deal were not disclosed.

Strategic Significance for Both Parties

For Enlight, Kukonkylä represents an addition to its existing energy storage portfolio in Finland and contributes to its broader European platform. As of the second quarter of 2026, Enlight's total portfolio stood at 43.1 FGW, including a mature portfolio of 12.3 FGW.

Across Europe, the company operates in 12 countries, with an operating portfolio of approximately 1.3 GW and projects at various stages totaling approximately 2.5 GW of generation capacity and 16.5 GWh of energy storage capacity, in addition to its operating assets.

Adi Leviatan, CEO of Enlight, described the acquisition as consistent with the company's broader European strategy. "Europe's transition to a power system with a greater share of renewable generation requires storage assets that can provide flexibility at scale, and Kukonkylä is well positioned to contribute to that need," he said. Leviatan also acknowledged the preparatory work carried out by Korkia and Semecon in bringing the project to a ready-to-build condition.

For Korkia, the transaction is presented as a demonstration of its development model, which the company describes as focused on rapid capital allocation and project delivery.

Pauli Mäenpää, Group CEO of Korkia, cited forecasts of a five to fifteenfold increase in global battery storage capacity by 2030 as context for the company's positioning in the sector. He said Korkia had built a portfolio of over 9 GW of battery storage projects in just over three years.

Korkia's Wider Pipeline and Nordic Activity

Korkia describes itself as a global investor and developer of utility-scale solar photovoltaic, battery energy storage, and onshore wind projects. The company operates in nine markets across Europe, North America, and South America, with a team of 50 in-house professionals and more than 75 local development partners. It was established in 2006 and is headquartered in Finland, with offices in Chile, Italy, and the United Kingdom.

The company says its independent European development pipeline comprises over 160 projects across eight countries, totaling 15 GW of renewable energy and energy storage projects in mid or late-stage development.

Petri Haataja, VP for the Nordics at Korkia, said the company is advancing a broader pipeline of solar, wind, and battery storage projects across Finland and Sweden beyond the Kukonkylä transaction. He credited the municipality of Sievi and Semecon for their cooperation during the project's development phase.

Finland's Growing Storage Market

The Kukonkylä sale comes against a backdrop of expanding battery storage activity in Finland, driven by the country's increasing reliance on variable renewable generation sources.

The project's grid connection timeline of the first half of 2028 positions it to enter service as Finnish wind and solar capacity continues to grow, with storage assets seen as essential infrastructure for managing the variability of those generation sources.

Enlight's entry into ownership of the project signals continued international investor interest in Finnish battery storage infrastructure at utility scale. Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale projects across solar, wind, and energy storage segments across multiple geographies.

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