/LONDON, February 25, 2025, 9:00 GMT, RENEWABLE MARKET WATCH™/ OX2 has made a significant investment decision to begin construction of its first-ever energy storage facilities in Finland, with a combined capacity of 235 MW and 470 MWh. These innovative storage facilities will be strategically co-located alongside the Kannisto and Korkeamaa wind power projects, both of which received their investment approvals in December 2025.
This development marks a pivotal addition to OX2’s Finnish Independent Power Producer (IPP) portfolio, representing the company’s inaugural foray into energy storage solutions in the country. Maintaining ownership of these assets aligns with OX2’s broader strategy to expand its renewable energy production portfolio. In 2025, the company demonstrated its commitment to renewable energy by investing in a remarkable 750 MW across five wind power projects throughout Finland.
Construction of the energy storage facilities is slated to commence immediately, with an anticipated operational start date in 2028. These energy storage projects are designed to provide essential system services, enhancing grid reliability and complementing existing renewable energy investments by effectively shifting production to meet demand fluctuations. Once the facilities are fully operational, OX2 will take on the responsibility for the technical and commercial management of the energy storage systems, ensuring optimal performance and integration with the broader energy network.
“By integrating energy storage facilities into projects like Kannisto and Korkeamaa, we not only enhance the flexibility and stability of the regional electricity system but also reinforce OX2’s own portfolio in terms of reliability and revenue stability. This investment marks an important step in broadening the value and performance of our renewable energy offering,” says Matthias Taft, CEO OX2 AB.
OX2 has obtained a long-term financing arrangement for the energy storage units from KfW IPEX-Bank, NatWest, Nordea, and SEB, extending the commitments previously made for the Kannisto, Korkeamaa, and Salo-Ylikoski wind power projects, which were due in December 2025. OX2 has entered into a long-term flexible purchasing agreement with the Norwegian energy producer Statkraft to manage and optimise both storage facilities.
For more information and answers to your questions about the wind and battery storage market in Finland and other European countries, and related content, you may read here: Europe Wind Power and Battery Energy Storage System (BESS) Market Outlooks 2025 ÷ 2034
In order to download the executive summary brochure with sample pages, please access it here: Europe Battery Energy Storage System (BESS) Market Outlook – Sample
For a better understanding of the benefits of using our reports, you may read here: Benefit List – Reports of Renewable Market Watch – 2025
About Renewable Market Watch™
Renewable Market Watch™ is delivering strategic insight into emerging renewable energy markets through its experienced research team and cutting-edge predictive analytics data platform. We partner with our customers to provide research, data and consulting reports in areas appropriate to their specific requirements. Our primary focus is emerging renewable energy markets in Asia Countries, Western Europe, South Europe, Balkan countries, Central and Eastern Europe, CIS states (the former Soviet Union), LATAM countries, and MENA countries. For more information about Renewable Market Watch™, please visit:
