Foresight Fund Acquires FRV’s 100 MW/400 MWh Nivala Battery Storage Project in Finland

Fotowatio Renewable Ventures has sold the Nivala battery energy storage system project to Foresight Energy Infrastructure Partners II SCSp, a fund managed by Foresight Group, which has taken 100% interest in the asset.

A 100 MW project changes hands

Nivala is described as Finland's largest BESS project, and the transaction is Foresight's second investment in the Finnish market. The project is fully permitted and ready to build, with a capacity of 100 MW/400 MWh and a four-hour duration.

It is located in the city of Nivala in Finland's North Ostrobothnia region. Foresight will continue developing the project, with commercial operations expected to begin in the second half of 2028.

How the battery will earn its revenue

Nivala is designed to participate in Finland's wholesale, intraday, and ancillary services markets, which Foresight identifies as a significant revenue driver for battery storage in the country.

The battery is also intended to support the integration of renewable generation and the decarbonisation of the Finnish power system.

A second Finnish investment for the fund

The acquisition strengthens FEIP II's exposure to energy storage and grid flexibility infrastructure. It follows Foresight's earlier Finnish investment, the 2021 acquisition of Puskakorpi, an 88MW project, which was made through the predecessor vehicle Foresight Energy Infrastructure Partners I.

Foresight's BESS portfolio across Europe currently consists of around 550 MW of operational capacity.

Why Finland, according to Foresight

Foresight considers Finland one of the most attractive BESS markets in the Nordics, citing rapid growth in renewable energy, particularly onshore wind.

The company also points to demand-side momentum: Finland is a key hub for Europe's data centre buildout, and Google has recently announced a USD 14.58 billion investment in data centres across the country. Foresight says these factors increase the need for grid flexibility and battery energy storage.

Richard Thompson, Partner and Co-Manager of FEIP and FEIP II at Foresight Group, said the energy transition is "no longer only about decarbonisation, it is increasingly about maintaining system security, reliability and resilience as electricity demand grows and economies become more electrified."

He added that as Finland sees accelerated investment in data centres and new industrial demand, grid-scale battery storage is expected to play an increasingly important role in providing flexibility, supporting grid stability and integrating more renewable power. "Project Nivala provides immediate access to this critical infrastructure opportunity," he said.

The seller's rationale

For FRV, the disposal forms part of its asset rotation strategy.

Javier Huergo, the company's Chief Investment Officer, said the transaction reflects FRV's ability to create value across the full development cycle of its projects and to execute that strategy successfully.

The sale, he said, allows FRV to crystallise value generated during the development phases and reinvest those resources in new opportunities that will continue to drive the energy transition and strengthen its international BESS project portfolio.

Nordic flexibility assets draw investor attention

The deal underscores growing investor interest in Nordic grid flexibility assets.

Foresight has positioned Finland as a priority destination for battery storage deployment amid rising electricity demand from data centres and industrial users, alongside continued growth in onshore wind generation in the country.