FRV completes the sale of a 100 MW of battery storage project in Finland

FRV has completed the sale of Nivala battery energy storage system (BESS) project in Finland, with a permitted capacity of 100 MW / 400 MWh.
The transaction reinforces the company’s growth strategy through asset rotation and the optimisation of its global project portfolio.

Madrid, 15 of October 2026

Fotowatio Renewable Ventures (FRV), a leading company in the development of sustainable energy solutions and part of Jameel Energy, has completed the sale of Nivala, a standalone battery energy storage system (BESS) project, with a permitted capacity of 100 MW / 400 MWh, located in the city of Nivala, in the North Ostrobothnia region of Finland, to a specialist investment manager, Foresight Group.

The project is fully developed and has obtained all the necessary permits to begin construction, including a connection agreement signed with Fingrid Oy (Finland’s transmission system operator), and forms part of the assets developed by FRV as part of its growth and consolidation strategy in Finland.

The transaction further strengthens the company’s position as an international leader in the development of battery energy storage projects. With extensive experience in both standalone and hybrid solutions, the company has developed a strong portfolio of projects across strategic markets on several countries, including Australia, the United Kingdom, Spain, Germany, Italy, Chile and Finland, among others.

FRV was advised by EY-Parthenon Corporate Finance as M&A advisor and Bird & Bird as legal advisor. On the buyer’s side, Krogerus acted as legal advisor, Aurora Energy Research as market advisor, EY as tax and financial due diligence advisor, and Natural Power as technical advisor.

This transaction reflects FRV’s ability to create value throughout the entire development cycle of its projects and successfully execute its asset rotation strategy. The sale of Nivala allows us to crystallise the value generated during the development phases and reinvest those resources in new opportunities that will continue to drive the energy transition and strengthen our international BESS project portfolio.

Javier Huergo

Chief Investment Officer of FRV

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. As Finland sees accelerated investment in data centres and new industrial demand, we expect grid-scale battery storage to play an increasingly important role in providing flexibility, supporting grid stability and helping integrate more renewable power onto the system. Project Nivala provides immediate access to this critical infrastructure opportunity.

Richard Thompson

Partner and Co-Manager of FEIP II at Foresight Group.

FRV has been present in Finland since 2023. The company is currently continuing to strengthen its portfolio in the country through the development of energy storage, photovoltaic projects and data centres. The entire portfolio, currently at different stages of development, is strategically distributed to help strengthen and diversify the security of the Finnish electricity system.

Through its activities in Finland, FRV contributes to the advancement of the energy transition by developing sustainable power generation and energy storage solutions, supporting the country’s energy and decarbonisation objectives.