Statkraft signed the largest Nordic battery storage PPA with OX2 for 235 MW across two Finnish BESS projects. This PPA enables Statkraft to optimize its Nordic renewable portfolio.
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Deal Analysis
Statkraft has secured the largest Nordic battery storage PPA to date, contracting 235 MW of capacity from OX2 across two Finnish BESS projects. This PPA, announced on 2026-03-09, directly enables Statkraft to optimize its Nordic renewable portfolio. The agreement covers projects in Halsua and Soini, Finland, both currently in the construction stage. While the deal value remains undisclosed, this PPA provides OX2 with revenue certainty for its substantial battery storage developments. Statkraft's 235 MW commitment addresses the need for grid flexibility and efficient energy management within its regional operations.
For Statkraft, this 235 MW storage PPA diversifies its verified activity, which previously included an onshore wind Virtual Power Purchase Agreement in Germany where it acted as developer with Syngenta. This deal confirms Statkraft's focus on technology and portfolio optimization, moving beyond purely development roles. OX2, as the developer, validates its strategy across the entire value chain, from project acquisition to greenfield development, specifically within energy storage. This 235 MW PPA for Finnish BESS projects concretely realizes OX2's stated focus on onshore wind, offshore wind, solar power, and energy storage projects. The transaction also establishes a new commercial benchmark for utility-scale battery storage PPAs within the Nordic market.
- Largest Nordic battery storage PPA signed to date.
- 235 MW capacity across two Finnish BESS projects.
- Statkraft acts as offtaker, OX2 as developer.
- Projects located in Halsua and Soini, Finland, are in construction stage.
- PPA announced on 2026-03-09.
- Statkraft's prior verified activity includes one onshore wind VPPA in Germany.
Source Intelligence
KEY DETAILS
The deal represents the largest battery energy storage PPA signed by Statkraft in the Nordic region so far. The agreement also includes a revenue floor structure designed to provide financial stability for the projects and help support their long-term financing. One system will have an energy storage capability of 220 megawatt-hours, while the second facility will have a storage capacity of 250 megawatt-hours. Both battery facilities will be located at the same sites as wind power projects developed by OX2. The agreement with OX2 represents Statkraft's largest battery optimisation project in the Nordic region to date.
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Capacity
One system will have a capacity of 110 megawatts... while the second facility will have a capacity of 125 megawatts
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Location
for two large-scale battery energy storage systems (BESS) in Finland... One system will be built near the Kannisto wind project in Halsua, while the other will be associated with the Korkeamaa wind project in Soini.
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PPA Details
Statkraft... has signed an agreement with Swedish independent power producer OX2 for two large-scale battery energy storage systems (BESS) in Finland... Statkraft will manage and optimise the performance of the batteries for a period of seven years beginning in 2028. The arrangement also includes a revenue floor structure designed to provide financial stability for the projects
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COD
for a period of seven years beginning in 2028
PARTIES MENTIONED IN SOURCE
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Statkraft
buyer
"Statkraft... has signed an agreement with Swedish independent power producer OX2"
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OX2
developer
"Swedish independent power producer OX2"
high quality
Enriched Mar 9, 2026
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