Herbert Smith Freehills Kramer advises Nala Renewables on the financing of Vuolijoki battery storage project in Finland

Leading global law firm Herbert Smith Freehills Kramer has advised Nala Renewables on the financing of its 125 MW / 250 MWh Vuolijoki battery energy storage system (BESS) project in Finland.

The Vuolijoki project is one of the largest BESS projects in Finland to enter construction and represents a further significant investment by Nala Renewables in the Finnish energy storage market. Together with its 50 MW / 100 MWh Kauhava BESS and 100 MW / 200 MWh Kärppiö BESS, the Vuolijoki project takes Nala Renewables’ pipeline in Finland to 275 MW / 550 MWh. Rabobank is providing long-term financing for the project.

The Herbert Smith Freehills Kramer team was led by partner Charlotte Whight, supported by partners Sam Cundall and Nick May; senior associates DK Kwon, Alex Shindler-Kelly and Zoe Asher; and associates Perdita Shirley, Jenny Seong, Greg Chan and Laura Boustani.

Partner Charlotte Whight commented: “As renewable generation continues to grow, large-scale battery storage is becoming increasingly important in building flexible and resilient energy systems. We are delighted to have advised Nala Renewables on the financing of the Vuolijoki project, which forms part of its growing Finnish battery storage portfolio. This transaction builds on our extensive experience advising on complex BESS financings across the Nordics and internationally and reflects our ability to support clients as the market continues to develop.”

The transaction is the latest in a series of BESS financings in the European market on which the firm has advised. Recent transactions include advising OX2 on the financing of its first energy storage facilities in Finland, comprising two BESS projects with a combined capacity of 235 MW / 470 MWh, and a syndicate of 11 lenders on the c.€440 million financing of a portfolio of 11 BESS projects across Germany with a combined capacity of 790 MW.