EB-SIM invests in Finnish grid stability
EB – Sustainable Investment Management GmbH (EB-SIM) has acquired an 80 per cent majority stake in the Icecreek Energy II battery storage project in Finland for its closed-end infrastructure fund, ‘EB Energy Transition Europe’.
The portfolio comprises five planned stand-alone large-scale energy storage facilities at strategic locations in western Finland. The facilities are based on state-of-the-art lithium-ion technology and will be connected directly to the grids of the respective local distribution system operators (DSOs) at the medium-voltage level. At the start of operations, the portfolio will have an installed capacity of 34 MW and a usable storage capacity of 89 MWh. The facilities are designed for a planned operational life of 15 years. The entire project has a European focus: with the exception of the battery cells, which are manufactured in China, the entire rest of the value chain meets the ‘Made in Europe’ standard.
Construction on the first project began as early as the second quarter of 2026, with commercial operation targeted for January 2027. The last of the five subprojects is scheduled to complete the portfolio in June 2027. The turnkey construction and long-term maintenance will be handled by the Finnish battery storage provider Cactos Oy.
“This portfolio transaction covering the full turn-key EPC, operation, maintenance, optimisation and trading of five BESS sites in Finland is the result of close collaboration between Cactos, Icecreek and EB-SIM from an early stage. Our track record of end-to-end delivery across Finnish BESS projects gives us confidence in both the timeline and technical execution, and we look forward to delivering Icecreek Energy II through to commercial operation and providing long-term operations across all five sites,“ said John Graham, Managing Director, Projects & International Operations at Cactos.
A key element in Finland's energy transition
The Finnish electricity market is changing rapidly: According to forecasts, the share of renewable energy in the country’s electricity generation will rise to over 80 percent by 2050. Since electricity production from wind and solar power fluctuates greatly depending on weather conditions, large-scale storage systems are essential for absorbing excess production, relieving strain on the grid, and providing the necessary flexibility in the market.
The portfolio's business model is based on balancing grid fluctuations, storing excess electricity during periods of low demand, and then feeding that electricity back into the grid at strategic times when there is a shortage and market prices are correspondingly higher.
“Large-scale storage facilities are the much-needed link in a decarbonised energy supply. By investing in this Finnish portfolio through our infrastructure fund, EB Energy Transition Europe, we are capitalising on a highly attractive market opportunity. This investment will not only secure long-term value for our investors but also make a measurable contribution to the stability of Europe’s electricity grids,” said Dr Bernhard Graeber, Managing Director and Head of Real Assets at EB-SIM.
“With the successful financial close of Icecreek Energy II, we have reached an important milestone. The energy transition requires large-scale storage to succeed, and we are proud to be contributing to this effort in Finland. The collaboration with EB-SIM and Cactos has been excellent from the very beginning. Both share our long-term commitment, and we look forward to further expanding this partnership in the coming years,” said Fabian Siegel, Managing Partner of Icecreek Energy.
