ib vogt closes sale on battery storage deal with Renewable Power Capital in Finland

Berlin/Germany, March 12th, 2024

Utility-scale renewables development platform ib vogt has completed the sale of the project rights for a Battery Energy Storage System (BESS) in Finland to investor Renewable Power Capital (RPC). The 50MW/50MWh BESS project achieved ready-to-build status last year after successful project development by ib vogt. Procurement and construction will be run by RPC, with expected completion in Q4 2025. The project will be built in the municipality of Uusikaupunki, Southwest Finland, on 3 hectares of land.

The BESS project is one of the largest of its kind in Finland and is set to provide a variety of services to the nation’s power infrastructure for the next 30 years. The main applications will be grid services, such as frequency response, but it can also participate in energy trading on wholesale power markets. Large-scale BESS applications, such as this, provide the necessary flexibility for countries looking to add intermittent renewables like solar and wind to their energy systems.

This deal marks RPC’s entry into the Finnish storage sector, which it sees as a key pillar for growth in the coming years. RPC already has a strong renewables presence in the region, with over 170MW of Finnish onshore wind in operation across three sites.

“BESS applications are crucial for the successful transition of energy services from fossil fuels to green energy solutions,” said Anton Milner, CEO of ib vogt. “We want to thank the experts at Renewable Power Capital for working with ib vogt to establish a path forward in Finland. With a shared goal for decarbonized electricity and clean energy, this storage project marks a real milestone to allow more renewable capacity to be integrated into the system.”

Steve Hunter, Managing Director of Power Markets and Asset Management at RPC said: “Finland has a real need for battery storage at the moment, and this deal can play a significant role in providing the grid stabilisation required to support further renewables build-out. RPC is excited to add to its wind portfolio with this storage project, which is a real milestone for RPC in the Finnish market.”

The sale was concluded following outstanding support from several selected advisors. Newsec Infra provided financial advice, and Hannes Snellman provided legal advice to ib vogt during the sale. Roschier was the legal advisor for Renewable Power Capital.

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