Mirova invests €65 million in Ingrid Capacity's Nordic battery portfolio
Type: Investment · Technology: Storage · Country: Finland and Sweden · Capacity: 145 MW · Announced: 2026-09-23
Mirova agreed a €65 million equity investment in two battery storage projects developed by Ingrid Capacity in Finland and Sweden, marking the first investments in Mirova's newly established Nordic Storage Platform. The portfolio includes 145 MW / 290 MWh of capacity across two projects: the ready-to-build 45 MW / 90 MWh Pedersöre project in Finland, which benefits from an offtake agreement, and the 100 MW / 200 MWh Vaggeryd battery in Sweden's SE3 electricity price area, expected to reach ready-to-build status in 2027. Ingrid Capacity will develop, operate, and optimize the projects, providing technical and commercial asset management, engineering, procurement, and construction management, and optimization services. The investment underscores the critical role of battery storage in enhancing grid flexibility, supporting renewable integration, and strengthening European energy security. Mannheimer Swartling acted as Mirova's lead legal adviser, supported by Hannes Snellman in Finland, while Baringa advised on technical and market matters, EY on tax, WTW on insurance, and RMT on antitrust matters.
Analysis
Mirova has agreed to a €65 million equity investment in Ingrid Capacity's Nordic battery portfolio, totaling 145 MW / 290 MWh across two projects in Finland and Sweden. Mirova is a mission-driven asset manager specializing in sustainable finance. The portfolio includes the 45 MW / 90 MWh Pedersöre project in Finland, which is ready-to-build, and the 100 MW / 200 MWh Vaggeryd battery in Sweden's SE3 electricity price area, expected to reach ready-to-build status in 2027. Ingrid Capacity will develop, operate, and optimize these projects.
Key points
- Mirova invests €65 million in Ingrid Capacity's Nordic battery portfolio.
- Portfolio includes 145 MW / 290 MWh capacity across Finland and Sweden.
- Pedersöre project in Finland is 45 MW / 90 MWh and ready-to-build.
- Vaggeryd battery in Sweden is 100 MW / 200 MWh, expected ready-to-build in 2027.
Counterparties
- Ingrid Capacity (Developer)
- Mirova (Investor)
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