L&G NTR Clean Power Europe Fund, managed by Legal & General Investment Management and renewable energy specialist NTR, has expanded into battery storage with an acquisition in Finland.
The Europe clean power fund has acquired the ready-to-build Uusnivala battery energy storage system (BESS) project in Nivala in the Northern Ostrobothnia province from renewable-energy project developer OX2.
The Uusnivala BESS project will have a minimum power rating of 50MW and will provide the Finnish grid system with ancillary services to regulate frequency and ensure grid stability.
The BESS project is the fund’s second Finnish venture, following the October 2023 acquisition of the 86.8MW Pajuperänkangas windfarm.
Anthony Doherty, CIO of NTR, said: “We are constantly looking to diversify the clean-energy technologies we use, so Uusnivala is a very attractive addition for us and the fund.
“With the addition of this project, the fund now manages 480MW of onshore and offshore wind, solar and battery-energy storage across Spain, France, Sweden, Finland and the UK. This asset offers further geographical and technology diversification to the fund and is testament to our dedication to drive the European transition to clean energy.”
Bill Hughes, co-head of private markets at Legal & General’s asset management division, said: “Uusnivala BESS marks our first battery storage asset and increases our exposure in Finland. The electricity grid, and transmission assets that support it, are critical to Europe’s net-zero ambitions; they are the backbone of the transition.
“The fund is a key part of our growing private markets platform and with a strong pipeline of capital deployment, we will continue to strengthen and diversify our portfolio, seeking to deliver significant growth opportunities for long-term investors looking to tap into Europe’s energy transition.”
Paul Stormoen, CEO of OX2, said: “This is our first battery-energy storage project in Finland, and we are happy to sell it to L&G NTR Clean Power Fund.
“The project will make a valuable contribution to stabilise the grid as the demands shift following a rapid electrification and transition to a fossil-free energy system.”
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