Swedish and Swiss firms form storage partnership

Ingrid Capacity, a Swedish battery energy storage systems operator, and Alpiq, a Swiss energy company, have signed an agreement to explore long-term power purchase agreements (PPAs) for battery storage projects in the Nordic European countries. These agreements could involve projects with up to 500 MW of capacity.

Partners aim to boost battery storage development

The collaboration between Ingrid Capacity and Alpiq aims to speed up the growth of battery storage in the Nordic region. Ingrid brings its existing battery systems and operational experience, while Alpiq contributes financial resources and the ability to offer long-term PPAs, which can help fund new projects.

Initiative builds on Finnish project

The partnership is based on a prior project in Finland called Pedersöre, a 45 MW battery with 90 MWh storage capacity. This project was co-owned by Ingrid Capacity and Mirova, a French asset management company.

Nordic battery market focuses on contracts

Amanda Niklaus, director of revenue at Ingrid Capacity, said the Nordic battery market is entering a new phase where commercial contracts and financing are as crucial as technology and performance. Ingrid currently has 950 MWh of battery storage capacity in its portfolio, including projects under development or construction.

PPAs help secure financing for batteries

The partnership plans to secure future revenues by using long-term PPAs. Under these agreements, a buyer commits to purchasing electricity, storage capacity, or related services according to set terms. This can reassure lenders and help finance battery projects. Batteries can earn income through electricity sales, grid balancing, and other services, though these revenues depend on market prices and system needs.

Alpiq supports flexible market exposure

Aivaras Simkunas, head of energy solutions for Nordic countries at Alpiq, said Alpiq’s financial strength and ability to offer long-term PPAs help fund projects while allowing Ingrid Capacity to remain flexible in the Nordic electricity markets.