DLA Piper advise FRV on Finland battery energy storage system (BESS)

DLA Piper has advised Fotowatio Renewable Ventures (FRV), a leading company in the development of sustainable energy solutions, on the financial close of the SIMO 100MW/200MWh 2-hour BESS project in Finland, developed in partnership with AMPTank Energy Oy.

The financial structure of the project includes a term loan with Kommunalkredit Austria AG (Kommunalkredit ) acting as sole arranger and lender.

The SIMO project will be one of the largest battery energy storage (BESS) projects in Finland. It is divided into 2 phases that share a single interconnection point. Phase 1 (30MW/60MWh) is under commissioning and already operational in the wholesale market, and phase 2 (70MW/140MWh) is under construction with commissioning scheduled for August 2026.  Battery suppliers include Sungrow and Huawei.

The DLA Piper team was led by Finance partner Rubayet Choudhury working with a cross-border team across Finland, the UK and Spain. He was supported by partners Nikhil Markanday and Antti Niemi, legal directors Mark Valenzia, Jacques Camilleri and Marta Clemente, senior associate Ruth Conolly, and associates Panu Punkari, Cormac O'Brien and Salesh Premjith. 

Rubayet Choudhury, Finance partner at DLA Piper, commented: “We are delighted to support FRV on this milestone transaction, one of the first large-scale BESS project financings in the Nordics. Its innovative revenue model will set a benchmark for financing future storage deals in the region and is strategically important for FRV. It will consolidate FRV's leadership in the sector and underlines its ability to develop and deliver major grid-scale BESS projects in new markets.  This transaction also builds on DLA Piper's track record of advising clients on complex BESS projects and energy transition deals around the world and we look forward to doing many more in the future.”

Tom Guilfoyle, Managing Director of FRV UK, added: “DLA Piper, and the team's ability to work seamlessly cross-border, has been instrumental in bringing this landmark deal to a close. Their collaborative mindset, along with that of Kommunalkredit, our co-shareholders, AmpTank, and other stakeholders and partners across Phase I and Phase II of Simo, has ensured success in what is a milestone deal for us and which further consolidates our energy storage strategy.”