Krogerus advises lenders on project financing for OX2's Finnish battery energy storage systems
Krogerus advised a consortium of lenders – KfW IPEX-Bank, NatWest, Nordea and SEB – on the Finnish law aspects of the project financing for OX2 to construct two battery energy storage systems (BESS) in Finland with a combined capacity of 235 MW (470 MWh).
The BESS projects complement OX2's Kannisto and Korkeamaa wind farms, which reached their final investment decisions in December 2025. They represent OX2's first BESS projects in Finland and the largest energy storage systems connected to a renewable energy project in the Nordic region. The projects will be retained in OX2's own renewable energy production portfolio, which already includes 750 MW of wind energy investments across five projects made in 2025.
The BESS projects are financed as part of the same financing package as the Kannisto, Korkeamaa and Salo-Ylikoski wind farm projects announced in December 2025. OX2 has also entered into a long-term flexible offtake agreement with Norwegian energy company Statkraft for the operation and optimisation of both storage assets, while technical and commercial management will remain with OX2.
The Krogerus team was led by Partners Päivi Toivari and Sami Laine and they were primarily assisted by Senior Associate Riina Toivonen-Vuong and Associates Venla Nummela, Toni Kastell, Henrik Haijanen and Artti Pursiainen.
