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Cactos has been selected to build, operate and optimize a portfolio of five grid-scale battery energy storage sites in Finland for Icecreek Energy II Oy, backed by German sustainable investment manager EB-SIM. The mandate covers turnkey EPC delivery, a 10-year service agreement, and ongoing commercial optimization and trading. The first portfolio of its kind to be delivered end-to-end by a single Finnish company, and a new chapter for grid-scale energy storage in Finland.
Cactos has entered into its largest contract to date, partnering with Icecreek Energy II Oy on a portfolio of five grid-scale battery energy storage projects across western Finland. The portfolio represents a combined installed power of 34 MW and usable storage capacity of 89 MWh, delivered using Cactos's Nevado grid-scale storage platform.
Under the agreement, Cactos holds full project management responsibility for turnkey EPC across all five sites, and will provide long-term operations and maintenance under a 10-year service agreement, as well as commercial optimisation and trading. All five sites are ready to build, with construction beginning in 2026 and the full portfolio expected to reach commercial operation in 2027.
A multi-site portfolio of this scale, delivered, operated and traded end-to-end by a single Finnish company, is a first for the Finnish BESS market.
Grid-scale batteries are critical infrastructure for a flexible electricity system. They balance supply and demand, store renewable energy, and keep the grid stable as wind and solar make generation increasingly variable. As renewables grow towards a majority share of Finnish electricity production, large-scale storage becomes essential to absorb surplus, relieve network constraints and provide flexibility to the market.
"This is the largest project in Cactos's history and an important milestone for the company. Delivering five grid-scale sites end-to-end, from manufacturing through to construction, operation and trading is exactly what our integrated model was built to do. The trust placed in us by Icecreek Energy and EB-SIM reflects the maturity of both our platform and the Finnish market, and we are proud to be running this infrastructure for the long term." – Oskari Jaakkola, CEO, Cactos
The portfolio is backed by long-term institutional capital: Icecreek Energy II Oy is supported by EB-SIM, the asset management arm of Germany's Evangelische Bank. Finland is Icecreek Energy's first market outside Germany, and this portfolio forms part of its growing European storage platform.
“With the successful financial close of Icecreek Energy II, we have reached an important milestone. The energy transition needs large-scale storage to succeed – and we are proud to be contributing to this in Finland. The collaboration with EB-SIM and Cactos has been excellent from the start; 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.
For Cactos, the mandate signals a wider shift. International institutional investors are no longer only observing the Finnish market – they are making large, structured commitments to Finnish grid infrastructure, and choosing Finnish operators to deliver and run it.
"Large-scale storage systems are the urgently needed link in a decarbonised energy supply. With our 'EB Energy Transition Europe' fund's investment in this Finnish portfolio, we are seizing a highly attractive market opportunity. In doing so, we are not only securing long-term value for our investors, but also making a measurable contribution to the stability of European electricity grids." – Dr. Bernhard Graeber, Managing Director and Head of Real Assets, EB-SIM
