Sustainable Energy Solutions Sweden Holding (SENS) and Dovre Group have agreed to sell the Pyhäsalmi battery energy storage project in Finland to Prime Capital AG. The transaction is expected to close in Q1 2026, subject to conditions precedent, with final pricing to be confirmed by April 2026.

The key insight is clear. Capital is paying for execution certainty, not development optionality. The Pyhäsalmi asset is fully ready-to-build, and Dovre entered the project in June 2024 with a defined exit objective once development risk was removed. That objective has now been met.

Dovre’s reported EUR 2.1 million share of proceeds at closing, alongside a potential earn-out linked to production by 1 July 2027, reflects disciplined risk transfer. Early-stage exposure was monetized, while late-stage delivery risk now sits with a fund structured to own and operate merchant storage.

The project’s configuration reinforces this positioning. At 85 MW / 170 MWh, the asset is sized for frequency regulation and arbitrage in Finland, not long-term contracted capacity. Its location adjacent to the closed Pyhäsalmi mine and inclusion in a broader energy cluster further reduces site and permitting uncertainty.

This deal signals continued investor preference for Nordic storage assets that have cleared permitting, grid access, and design hurdles. Development-stage batteries remain difficult to exit. Fully executable projects are not.

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