The three projects, developed by Fu-Gen, are located in Finland and have been brought to a ready-to-build stage. The transaction highlights the importance of partnerships in accelerating the energy transition and marks another milestone in Fu-Gen’s strategy to develop and realise high-quality energy infrastructure projects across the Nordic region. Energy storage is a key enabler for strengthening energy security, enhancing grid stability and building a more sustainable and resilient energy system.
Seppo Tupeli, Development Director at Fu-Gen, said:
“We are pleased to have completed this transaction with Icecreek Energy. These projects reinforce Fu-Gen’s role as a leading developer of energy projects in the Nordic region. Energy storage plays a critical role in the energy transition by providing flexibility to the power system and enabling more renewable electricity to be delivered at reliable and competitive prices for both industry and households.”
The portfolio consists of three standalone battery storage projects with a total capacity of 15 MW. Once operational, the systems will provide grid services that help balance supply and demand in Finland’s electricity system, improve overall grid stability and support the reliable operation of Finland´s power system.
Fabian Siegel, Icecreek Energy, commented:
“We are delighted to partner with Fu-Gen on this portfolio of battery storage projects in Finland. The projects represent an important step in expanding grid-scale energy storage in the Nordic region and a part of Icecreek Energy II, a dedicated BESS asset pool we are building in Finland. Battery storage will play a vital role in supporting grid flexibility, integrating more renewable energy and strengthening the resilience of the European power system.”
The projects are located in Ulvila, Sastamala and Koskenkorva, with construction scheduled to begin later this year.
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AI-generated illustration made by Icecreek Energy for visualisation purposes.
Media Contacts
Emmy Tollin, Head of Communications
e.tollin@fu-gen.com
0046 (0)72 - 214 12 77
Fabian Siegel, Partner Icecreek Energy
fabian@icecreekenergy.com
About Fu-Gen
Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across the Nordics. From its offices in Stockholm, Helsinki and Zurich, Fu-Gen leverages over a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.
About Icecreek Energy
Icecreek Energy is a European battery energy storage asset management and investment platform headquartered in Grünwald, Germany. Founded in 2024, the company develops, constructs, and operates grid-scale battery energy storage systems (BESS) that support the stability and flexibility of Europe's electricity grids as they transition to renewable power. Icecreek targets mid-market projects across Germany and Finland, with a growing pipeline of BESS storage assets across Europe.
Fu-Gen, the Swiss-based renewable energy developer and independent power producer, has delivered another substantial energy storage project in the Nordic Market. Fu-Gen has closed on a 125 MW ready-to-build, stand-alone battery energy storage system (BESS) located in Vuolijoki, central Finland, with Nala Renewables, a global power and renewable energy platform and independent power producer.
Building on the framework agreement established between Fu-Gen and Nala Renewables in October 2025 for a ready-to-build BESS portfolio in Finland, the two companies are strengthening their collaboration. The first transaction under this agreement – the Vuolijoki BESS project – has now successfully closed. This represents an important milestone for both parties, underscoring the project’s strong technical and commercial readiness.
Remy Verot, Nala Renewables Interim Chief Executive Officer, said:
“We are delighted to have closed this ready-to-build project with Fu-Gen, who have demonstrated their expertise throughout. Finland is a strategic market for BESS in Europe with a strong business case and we are delighted to continue expanding our footprint in the Nordics.”
Nala and Fu‑Gen have an established track record of delivering energy storage projects to the Nordic market. A notable example is the 50MW Kauhava BESS facility in the Southern Ostrobothnia region of Finland, which Nala acquired from Fu-Gen as a ready-to-build project in early 2025.
“Delivering another large-scale, ready-to-build BESS project demonstrates the strength of our Nordic development strategy and our ability to bring extensive energy solutions to the Nordic market. We are proud to collaborate with Nala Renewables and contribute to the decarbonization and stability of Finland’s electricity system”, said Seppo Tupeli, Development Director.
Construction of the Vuolijoki BESS project is expected to start later this year.
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AI-generated illustration made by Fu-Gen for visualisation purposes.
Emmy Tollin, Head of Communications
e.tollin@fu-gen.com
0046 (0)72 - 214 12 77
Fu-Gen has successfully developed a large-scale Battery Energy Storage System (BESS) project with a capacity of 20 MWh in Härryda Municipality. The project has now been sold to Monsson, a leading European player in renewable energy and advanced energy storage solutions. Construction is scheduled to begin in autumn 2025. Monsson will take over ownership and operational responsibility of the facility, which will be connected to the local power grid in Härryda.
- We are proud to have taken this project from concept to investment-ready status. It feels reassuring to hand over the baton to Monsson, a company with deep expertise in BESS and a strong focus on education initiatives aimed at providing local industry with deeper insights into how energy storage can enhance both grid stability and profitability, says Seppo Tupeli, Country Manager Finland at Fu-Gen.
A Key Contribution to the Energy System
The project enables electricity to be stored during periods of low demand and delivered when demand is high. In this way, BESS helps ensure that grid capacity is available when needed. Large-scale local energy storage will enable Härryda Energi to:
A Project Aligned with Sustainability Goals
The project supports Härryda Municipality’s Sustainability Strategy for 2023–2035, which aims to create an ecologically, socially, and economically sustainable society. By adding flexible energy storage, the project contributes to a more resilient and climate-adapted energy infrastructure.
- BESS technology ensures that capacity is available when it’s needed—an essential factor for a resilient power grid and crucial for maintaining low and stable electricity prices for households and industry by reducing price volatility. This project is a tangible example of how local benefits can be created through collaboration and knowledge sharing within the energy system, says Seppo Tupeli, Country Manager Finland at Fu-Gen.
More info
Ljusdal, June 4, 2025
The take-over marks a significant step in Fu-Gen’s strategy to expand its portfolio of renewable energy assets in Sweden and strengthens the company’s role in the Nordic energy transition.
- Riberget is a clear example of how we at Fu-Gen want to contribute to the energy systems of the future – sustainable, robust, and beneficial for generations to come. This project strengthens our presence in Sweden and is an important milestone in our long-term vision", says Fredrik Ståhle, Head of Nordic Operations at Fu-Gen.
The wind farm was partly financed by the German bank NORD/LB through a project financing package. The project’s successful development and construction by OX2 was made possible through close collaboration with Ljusdal Municipality, landowners, and the local community. Fu-Gen will continue to strengthen these relationships, whilst also ensuring the project maximises its renewable energy production through its proactive approach to asset management and continued partnership with OX2, who will provide ongoing technical and commercial management services.
- We are proud to contribute with stable and renewable energy to a region with rapidly growing industrial needs. For us at Fu-Gen, it is about creating sustainable solutions that make a difference – both for the people living here and for the climate, says Sónia Liléo, Head of Asset Management at Fu-Gen.
In addition to its climate benefits, Riberget has placed particular focus on promoting biodiversity. By preserving valuable forest areas and creating habitats for endangered species, the project has integrated nature conservation into its design. Local associations have also been involved through dialogue on revenue sharing with the community and other socially beneficial initiatives.
The next step is the official inauguration of Riberget, which will take place on-site in Riberget in September 2025.
More information
• Read more about the Riberget wind farm on Fu-Gen’s website here.
• A report from the Central Swedish Chamber of Commerce (2023) shows that meeting the electricity demand of the industry in Dalarna and Gävleborg before 2030 could lead to investments of SEK 37 billion and approximately 960–1260 new jobs for the region. Read the report here.
• According to an analysis by Sweco (2021), electricity consumption in the region is expected to increase by approximately 50% by 2035 and 50–100% by 2045. Read the report here.
Contact
Sónia Liléo, Head of Asset Management, s.lileo@fu-gen.com
Fredrik Ståhle, Head of Nordic Operations, f.stahle@fu-gen.com
How do we decommission or upgrade wind turbines in a sustainable way? That’s the question Chantal, a master’s student in Wind Power Project Management at Uppsala University , is exploring during her time at Fu-Gen. Meet her and learn more about her work on Repowering, Optimisation and the Future of Renewable Energy.
The Future of Renewables – Beyond the New
Understanding the future of renewable energy isn’t just about building new infrastructure – it’s also about taking care of what we already have. This spring, we are happy to welcome Chantal to Fu-Gen, where she’s conducting her master’s thesis focusing on a topic that is often overlooked: Decommissioning and Repowering of onshore wind farms. In short – how we use our resources in a smart and sustainable way.
When Chantal isn’t deep into wind data, regulations, or long-term energy scenarios, you’ll likely find her outside in nature – preferably near the water, chatting with friends at a café, or walking with her family’s 14-year-old dog. Perhaps it’s this combination of structured engineering logic and a deep appreciation for the environment that makes her perspective so valuable in the green transition.
From Hamburg to Gotland – and a Growing Affection for Sweden
Chantal is originally from northern Germany, near Hamburg. After finishing school, she spent a year working and traveling in New Zealand before starting her Industrial Engineering studies in Rostock. In her final year, she studied at Umeå University as an exchange student – an experience that left a lasting impression.
– I absolutely loved my time in Sweden and knew I wanted to return, Chantal says. Later in my career, when I wanted to specialise in wind power, I found the one-year Wind Power Project Management programme at Uppsala University, Campus Gotland – it was a perfect match.
She describes the programme as unique: a chance to dive deep into wind power – from technology to legislation – alongside students from around the world.
How Can We Use Our Resources Sustainably?
At Fu-Gen, Chantal’s thesis explores what happens when a wind turbine reaches the end of its operational life. Many of the earliest wind farms in Sweden and across Europe are now approaching their end-of-lifetime, meaning important decisions must be made: should we decommission – or repower?
– These are still quite new questions in the sector. What does it cost to dismantle a turbine? What regulations must be followed? At the same time, there’s great potential in repowering – infrastructure is already in place, dialogue with the local community is established, and over 20 years of wind data is available.
Chantal is taking a theoretical approach in her work, using both academic and industry sources. The goal is to provide a clear and accessible overview that helps stakeholders make well-informed and sustainable decisions that serves the community in a good way.
Knowledge the Industry Needs – Now
As more wind turbines reach the end of their operational lifespan, there’s an increasing need for strategic thinking and decision support. Chantal’s thesis helps fill an important knowledge gap – covering economic, technical, and regulatory aspects of both decommissioning and repowering.
– It’s about making the most of the resources we already have, she explains. Giving decision-makers a solid foundation to make the right calls – and supporting a smarter, more sustainable energy transition.
What’s Next?
Once the thesis is complete, Chantal would like to stay in Sweden and keep on contributing to the transition away from fossil fuels. She’s looking for a role in Asset Management or within the Financial side of Project Development – where she can combine her technical and economic background with her passion for renewables.
We’re proud to support Chantal’s journey and look forward to sharing more of her insights along the way!
Fu-Gen AG and Nordic Electrofuel AS reach an agreement for Fu-Gen to acquire 100% of the onshore and offshore wind development company Nordic Wind AS, a subsidiary of Nordic Electrofuel.
Nordic Wind was established by Nordic Electrofuel in 2017 to support its own electro fuel production development activities, and to secure power supply for its future production. Nordic Wind AS has a portfolio of initiated onshore and offshore wind development prospects. The acquisition signifies Fu-Gen’s entry into the Norwegian renewables market.
Fu-Gen, through Nordic Wind AS, and Nordic Electrofuel will continue to work together to combine their respective development expertise and key stakeholder connections to pursue the development of these prospects through to becoming operational assets.
The acquisition agreement includes future commercial options for Nordic Electrofuel, as well as options for co-ownership in the wind farms.
The cooperation of Fu-Gen and Nordic Electrofuel will accelerate the production of electricity from wind as well as the production of renewable fuels with high value creation in Norway.
About Nordic Electrofuel: Founded in 2015 with long experience in renewable generation, Nordic Electrofuel is taking advantage of the perfect conditions in Norway, with its large capacities of renewable electricity and favourable industrial sites. Using this experience, Nordic Electrofuel shall develop, build and operate several e-fuels plants across Northern Europe. This e-fuels will be converted mainly to transportation fuels, with a clear priority for renewable Jet fuel known as e-kerosene or e-SAF, other renewable products will be diesel and gasoline in addition to waxes. NEF has developed proprietary technology for parts of this process which enables the company a clear cost advantage.
About Fu-Gen: Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across Northern Europe. From its offices in Stockholm and Zurich, Fu-Gen leverages over a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.
With almost 20 years’ professional finance experience, including commercial finance, FP&A, financial control and audit, Anthony Harnett joins Fu-Gen as our new CFO, with David Timner moving to Head of Asset Management.
Anthony began his career working within a chartered accountancy firm, becoming ACA qualified in 2009. Since then, he has gained cross-sector financial experience working both within large corporate (Pepsico Inc.) and Big Four (KPMG) environments.
In 2018, Anthony became the Group Financial Controller of Bioenergy Infrastructure Group (BIG), a Private Equity backed investor, manager and operator of energy from waste power plants in the UK. During his time at BIG, Anthony held end-to-end responsibility for the financial function of the business, building a new team and associated systems and processes during the fast growth of the business. This included the integration of two operations and maintenance businesses as well as working with investors and lenders to support debt raise and refinancing initiatives for the Group.
“Fu-Gen is a fast-growing company, with an exciting combination of a varied development pipeline along with an established asset-base. Fu-Gen’s mission is more important than ever and I am excited to be joining at this point in its growth journey. I look forward to working with the team to deliver the next phase of the Group’s strategy.”
With a solution-focused and commercial approach coupled with strong financial control, Anthony will help Fu-Gen take the next step along its growth path as it looks to empower future generations.
An asset manager with 20 years’ professional experience across major construction and utility-scale renewable energy projects, Stuart Barlow joins Fu-Gen as Senior Asset Manager.
Stuart began his career in electrical engineering working in M&E management on major construction and infrastructure engineering projects. He has varied experience, working with DNOs, utilities, national utility frameworks, and infrastructure finance.
In 2013, Stuart became an Asset Manager at John Laing Group Plc, working with various teams and providing expertise beyond the numbers on complex infrastructure and renewable energy projects. He delivered new projects from financial close through construction and into operations, whilst also overseeing the operational and commercial management of project companies.
Stuart also worked for Bluefield Partners LLP as Commercial Director, he was responsible for energy SPVs from pre-construction through construction to hand over into operational asset management.
With a natural ability to foster positive and co-operative working relationships, Stuart will fit right into the Fu-Gen team, bringing his invaluable experience to empower future British generations.
With over 5 years of specialised experience in environmental management and permitting of wind farms, hydropower plants and electrical grid concessions, Ola Ylikiiskilä joins Fu-Gen as a Project Manager within our Development team.
With a Bachelor’s degree in biology and molecular biology, with an emphasis on the conservation of species and natural habitats, Ola has focused his career on environmental management and permitting within the renewable energy sector, both as a consultant and as a project developer.
Ola started his career at Pöyry (now AFRY), where he completed multiple permitting processes and applications for wind farms and grid concessions, including working on Environmental Impact Assessments, Authority Consultations, Biological Studies and Natura 2000 permits. Ola then transitioned to work for Vattenkraftens miljöfond AB, followed by Arise AB, where he worked as a Project Manager focused on the environmental permitting and management of hydropower plants and wind farms.
”Fu-Gen already has a strong, exciting development pipeline and when I met with some of the team I knew instantly that it was the perfect place for me to continue to build my career in environmental management and permitting of renewable energy assets.”
With the responsibility for managing the development of projects across different technologies, with a specific focus on environmental permitting activities, Ola becomes another important member of our growing Project Development team.
With over 10 years’ experience working on infrastructure projects in governmental and municipality authorities, specialising in project development and permitting, Jens Knutsson joins Fu-Gen as a Project Manager within our Development team.
With a Master’s degree in Urban and Regional Planning from Stockholm University, Jens has focused his career on infrastructure development within the public sector gaining experience across wind power, electrical transmission line and substations, public transport and urban development projects. During this time, Jens has worked on both sides of infrastructure permitting processes as an administrator and project developer.
For the majority of his career to date, Jens has worked as a Project Manager at Svenska kraftnät, the operator of the Swedish electricity transmission grid. His primary responsibilities were composed of the permitting and consultation of new high voltage power lines and substations as part of Svenska kraftnät’s continuous grid expansion activities. Since 2020, Jens took additional responsibility for the full-scope project delivery, successfully managing large-scale high voltage power line projects and thus bringing invaluable knowledge of the Swedish electricity system to Fu-Gen’s growing Project Development team.
“I am excited to join Fu-Gen as a Project Manager and bring my experience of permitting and consultation processes, the Swedish transmission system and working within governmental authorities to bring value and success to Fu-Gen’s project development activities. I was inspired by Fu-Gen’s strong values and I am curious to work within a smaller team with minimal hierarchy and bold ambitions to support the energy transition.”
With the responsibility for managing cross-technology renewable energy projects within our development portfolio, with a specific focus on land management activities, Jens will become a core member of our Project Development team and bring significant value to our portfolio growth aspirations.