United Bankers’ UB Renewable Energy Fund invests in electricity storage
On 15 October 2024, UB Renewable Energy Fund (AIF) has acquired from the Swiss-Finnish AmpTank Finland Oy a significant majority stake in a project company that will build and operate a 30 MW battery energy storage system (BESS) to be located at Fingrid’s Kellarijanka substation in Kemijarvi. The system can be charged or discharged for two hours for a total capacity of 60 MWh. The BESS will primarily participate in the reserve market.
The technology procurement for the project is still being tendered, but the investment is estimated to be around EUR 20 million. Construction will start in spring 2025, with commercial operations date of the BESS in late 2025.
AmpTank Finland Oy was established in 2021 by experienced energy trading professionals with the purpose of developing energy storages in the Nordic region. AmpTank has become one of the leading developers in the area with several projects either under construction or being ready to build. AmpTank team is delighted to start the co-operation and long-term strategic partnership with United Bankers.
UB Renewable Energy Fund offers the opportunity to invest in the growing market created by the energy revolution and the green transition. UB Renewable Energy’s assets are mainly invested in renewable energy development projects and renewable energy power plants, such as wind and solar power plants, located in Finland and Europe. In addition, the fund may invest in infrastructure that supports the fund’s investments or energy production, transmission and storage in general, as well as in the hydrogen industry. The fund is managed by UB Fund Management Company Ltd.
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