United Bankers Plc
PRESS RELEASE 16 October 2024 at 10:00 EEST
United Bankers' UB Renewable Energy Fund invests in electricity storage
On 15 October 2024, UB Renewable Energy Fund (AIF) has acquired from the Swiss-Finnish AmpTank Finland Oy a significant majority stake in a project company that will build and operate a 30 MW battery energy storage system (BESS) to be located at Fingrid's Kellarijanka substation in Kemijarvi. The system can be charged or discharged for two hours for a total capacity of 60 MWh. The BESS will primarily participate in the reserve market.
The technology procurement for the project is still being tendered, but the investment is estimated to be around EUR 20 million. Construction will start in spring 2025, with commercial operations date of the BESS in late 2025.
AmpTank Finland Oy was established in 2021 by experienced energy trading professionals with the purpose of developing energy storages in the Nordic region. AmpTank has become one of the leading developers in the area with several projects either under construction or being ready to build. AmpTank team is delighted to start the co-operation and long-term strategic partnership with United Bankers.
UB Renewable Energy Fund offers the opportunity to invest in the growing market created by the energy revolution and the green transition. UB Renewable Energy's assets are mainly invested in renewable energy development projects and renewable energy power plants, such as wind and solar power plants, located in Finland and Europe. In addition, the fund may invest in infrastructure that supports the fund's investments or energy production, transmission and storage in general, as well as in the hydrogen industry. The fund is managed by UB Fund Management Company Ltd.
For further information:
Tapio Nuotio, Portfolio Manager, UB Renewable Energy Fund
Email: tapio.nuotio@unitedbankers.fi
Telephone: +358 400 476 548
Staffan Söderholm, Portfolio Manager, UB Renewable Energy Fund
Email: staffan.soderholm@unitedbankers.fi
Telephone: +358 40 922 6940
United Bankers in brief:
United Bankers Plc is a Finnish expert on wealth management and investment markets, established in 1986. United Bankers Group’s business segments include wealth management and capital markets services. In asset management, the Group specialises in real asset investments. United Bankers Plc is majority-owned by its key personnel and the Group employs 163 employees (FTE) and 26 agents (30 June 2024). In 2023, the United Bankers Group’s revenue totalled EUR 52.1 million and its adjusted operating profit amounted to EUR 16.9 million. The Group’s assets under management amount to approximately EUR 4.8 billion (30 June 2024). United Bankers Plc’s shares are listed on Nasdaq Helsinki Ltd. The Group companies are subject to the Finnish Financial Supervisory Authority’s supervision. For further information on United Bankers Group, please visit www.unitedbankers.com.
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