Å Energi acquires a majority stake in a large-scale energy storage project

“This is in line with Å Energi’s strategy of investing in profitable projects that improve reliability of supply and enable more renewable energy to be incorporated into the Nordic electric power system,” says Atle Knudsen, EVP Customer and Energy Solutions at Å Energi.

Strategic location, strong partners

The Isokangas project, which is located in central Finland, close to the major industrial town of Uleåborg, is due to be completed in 2026. It has been strategically located by a substation recently-built by the Finnish transmission system operator Fingrid. The substation is part of the 380 km long Aurora Line, an interconnector being jointly developed by the Swedish and Finnish transmission system operators. AMP Tank, which has developed the project, will retain a minority ownership interest and will help complete the system.

“Finland is a promising market for energy storage projects, being well set up for ancillary services and with growth forecast in the wholesale electricity market. This makes the country ideal for Å Energi to expand its energy storage portfolio”, says Atle Knudsen.

“We are very happy that our third energy storage project in Finland is with first class partner Å Energi. Finland is an excellent country for renewable energy and energy storage, with a stable regulatory framework and a positive and forward thinking grid operator in Fingrid.” stated Hannu Koivusalo, Chairman and Managing Partner of AMP Tank.

The investment in Isokangas is being made in partnership with investment company Farvatn Capital, and Eco-Stor AS, in which Å Energi is a major shareholder. Eco-Stor develops, owns and operates, and sells energy storage systems with a focus on the Nordic markets. Last year, Eco-Stor divested its German grid scale BESS operation to Brookfield-owned renewable energy developer-operator X-ELIO and private equity firm Nature Infrastructure Capital.

Growing need for energy storageand reliability of supply

Electrification and the increasing share of non-dispatchable solar and wind power is creating a growing need for dispatchable power, energy storage and power system optimisation. Utility-scale battery storage will play a key role in this transition. The storage systems can store electricity when generation is high and prices are low, and then release it again when demand is high, stabilising prices and enabling renewable energy to be used more efficiently. In addition, batteries will play a critical role in ensuring supply security in the Nordic energy system.

“Norway’s reservoirs are some of the world’s largest systems for storing electrical energy, and they have given us unique expertise in storing and optimising renewable energy. Our investment in the Isokangas project marks an important milestone in our strategy of expanding our storage capacity and of applying the experience we have gained from managing hydropower to new business opportunities in the Nordic energy market”, says Knudsen.

Long-term focus on dispatchable power and flexibility services

Energy storage and flexibility services form an integral part of the Å Energi’s group strategy, including growing the portfolio of energy storage projects. This acquisition reinforces Å Energi’s ambition to be the most forward-looking renewables group in the Nordic region.

About Å Energi
Å Energi is Norway’s biggest renewable energy group, with operations throughout the value chain from electricity generation to end users. The group's most important societal mission is to increase the production of clean and affordable renewable energy, ensure efficient delivery of electricity through the grid, and develop new and improved energy services in Norway and the Nordic region.

The company has over 2,000 employees in seven countries: Norway, Sweden, Denmark, Finland, Germany, Switzerland, and Belgium. Å Energi operates in Finland through its subsidiary Entelios, one of the largest electricity suppliers to the corporate market in the Nordics.

About Eco-Stor
Established in 2018, Eco-Stor AS is an energy storage company delivering a full range of battery energy storage solutions from small behind the meter systems to large grid-based utility scale systems. The company developed a German 1st life grid BESS subsidiary, Eco Stor GmbH, which in 2024 was divested through a large equity investment.

About Farvatn Capital
Farvatn is a family-owned investment company. The company invest across a range of asset classes, including real estate, shipping, private equity, equities, bonds and venture. Farvatn's vision is to leave a positive footprint on the world.

About AMP Tank
AMP Tank Finland Oy was established in 2021 by experienced energy trading professionals with the purpose of developing energy storages in the Nordic region. AMP Tank has become one of the leading developers in the area with several projects at under development in Denmark and Finland.