Hannes Snellman Advised OX2 in the Construction, Development, Offtake, and Finnish Law Aspects of the Project Financing of Two Energy Storage Facilities

Hannes Snellman Advised OX2 in the construction, development, offtake, and Finnish law aspects of the project financing of two energy storage facilities with a combined capacity of 235 MW/470 MWh

The energy storage facilities will be co-located with the Kannisto wind farm in Halsua and the Korkeamaa wind farm in Soini. Both energy storage facilities will be completed in 2028. The projects represent OX2’s first energy storage additions to its Finnish IPP portfolio, and OX2 has secured a long-term flexible purchase agreement with Norwegian power producer Statkraft for the operation and optimisation of both storage facilities. OX2 has also secured a long-term project financing package with KfW IPEX-Bank, NatWest, Nordea, and SEB through an extension of the commitments already made towards the Kannisto, Korkeamaa, and Salo-Ylikoski wind power projects. The energy storage facilities will remain under OX2’s ownership after completion.

Hannes Snellman advised OX2 in respect of the BESS supply agreements and long term service agreements, balance of plant agreements, optimisation agreements, due diligence as well as Finnish law aspects of the project financing.

Our core team comprised Maria Landtman, Marjaana Martikainen, Minna Juhola, Elisa Panula, Linda Härkönen, Emmi Malm, Rauli Elenius, Jenny Karlsson, Aleksi Maunumäki, and Saara Järvelä (Real Assets), Josefina Aalto, Anna Huttunen, Oona Aalto, and Viivi Miettinen (Finance), Piia Ahonen (Tax), and Legal Assistants Victoria Reiter, Zoe Röpelinen and Laura Pöyhönen.