Ardian & eNordic to build 38.5MW Finnish battery

February 15, 2024

Private investment house Ardian, in partnership with its operating platform eNordic, has taken a final investment decision to build the Mertaniemi battery energy storage project, a 38.5MW one-hour utility scale battery energy storage system in Finland.

The investment, made from the Ardian Clean Energy Evergreen Fund (ACEEF), marks the fund’s first investment in the BESS asset class.

Mertaniemi battery energy storage project is a joint venture between ACEEF and Lappeenrannan Energia, a Finnish municipal energy companyThe project is due to complete in spring 2025 and is located near the Mertaniemi power plant in Lappeenranta.

Once complete, the system will participate in the local grid’s frequency reserve markets and support the balancing of production and consumption in the power grid.

Benjamin Kennedy, managing director renewables infrastructure at Ardian, said: “The investment in a new battery storage system, which is a first for Ardian’s clean energy evergreen fund, is an essential part of our strategy in Finland. We identified an opportunity to scale Finland’s wind capacity and connect battery storage technology to create a balanced and productive energy system. With our existing strong presence and network in the Nordic countries, and our expertise in financing and operating long-term renewables projects, Ardian is perfectly placed to foster this new market opportunity.”

Eero Auranne, CEO of eNordic, added: “The Nordic energy market is already ahead of the curve regarding the energy transition, largely due to the volume of emerging technological developments.  Mertaniemi battery energy storage project exemplifies eNordic’s position at the forefront of this movement, helping realize the region’s ambition to become a leading player in sustainable energy”.