New battery system powers up Finland’s North

Friday 2 August 2024

Exciting news in the world of clean energy investment as the L&G NTR Clean Power Fund makes its mark in Finland with the acquisition of its first battery storage project. This significant milestone signals a major step towards a greener future for the region.

The Energy Investment fund L&G NTR Clean Power Fund has successfully secured a ready-to-build battery energy storage system (BESS) located in Nivala, North of Finland. This cutting-edge BESS project is set to have a minimum power rating of approximately 50MW, operating at a two-hour capacity of 110MWh. Not only will it boost the region’s renewable energy capacity, but it will also provide much-needed stability to the Finnish grid.

Finland has been making impressive strides in the realm of clean power projects in recent years, with a target of 50% consumption coming from renewable sources by 2030. As of the latest figures in 2022, the country is already at an impressive 42% of renewable energy consumption.

Bill Hughes, Co-Head of Private Markets at the Legal & General Asset Management Division, expressed his enthusiasm for the ongoing energy transition, stating, ‘The energy transition is well underway, with economic and policy frameworks set to continue supporting strong renewables buildout across key markets.’

‘While Europe has achieved significant progress, with 50% of public electricity generation coming from renewables in the first half of 2024, there is still much work to be done. Grid capacity must be doubled to meet our climate targets, presenting a significant investment opportunity in the clean energy sector,’ Hughes added.

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