This article was generated with AI assistance from cited sources and has not been individually reviewed by an editor.
Mirova, an affiliate of Natixis Investment Managers, has invested €65 million in a 290 MWh Nordic battery storage portfolio developed by Swedish aggregator Ingrid Capacity, spanning projects in Finland and Sweden. It is Mirova’s first battery storage partnership in the Nordics.
The portfolio covers two projects: a 45 MW / 90 MWh system at Pedersöre in Finland, already at ready-to-build stage, and a 100 MW / 200 MWh project at Vaggeryd in Sweden, in the SE3 price area, expected to reach ready-to-build in 2027. Together they provide 145 MW of power capacity and 290 MWh of storage.
The investment reflects a broader Nordic dynamic: installed battery capacity in Finland has surged from 295 MW in September 2025 to 1,614 GW by September 2026, according to Solarplaza. That rapid growth has already begun repricing ancillary-service revenues, as FCR and mFRR reserve prices decline on structural market saturation.
For C&I and utility-scale developers, the Nordic market is instructive: fast capacity growth is compressing the ancillary-services revenue pools that early projects relied on, pushing investors toward longer-duration and multi-market revenue stacking rather than single-service plays.
