Aurinkokarhu and Prime Capital have taken a significant step toward advancing Finland’s energy transition by reaching an agreement on the continued development of the Tuovila BESS project which is set to become Finland’s first 125 MW, 4‑hour Battery Energy Storage System. Located in Mustasaari near Vaasa, the project marks a significant milestone for the region’s clean‑energy ambitions, with Etha playing a central role as transaction advisor throughout the process.
At the end of 2025, Aurinkokarhu and Prime Capital reached an agreement regarding the continued development of the Tuovila BESS project, a Battery Energy Storage System (BESS) located in the municipality of Mustasaari, near Finland’s energy capital, Vaasa.
Etha is pleased to have contributed to the project by advising and managing the transaction for what is anticipated to be Finland’s first 125 MW, 4-hour Battery Energy Storage System, working closely with the Aurinkokarhu team to make the project investor-ready and to ensure a smooth path to closing.
Etha supported as transaction advisor throughout the project, managing the transaction and guiding the agreement negotiations. In addition, Etha’s role included preparing reports, including, for example, noise assessments, supporting the project in reaching ready-to-be-build status.
BESS enables a cleaner and more resilient energy system and is the cornerstone of the transition into renewable energy. BESS bridges the gap between electricity production and demand by storing excess energy when production is high and releasing it when demand rises. BESS stabilises the grid, reduces reliance on fossil fuels and enhances energy security.
We at Etha are proud to have contributed to securing financing for one of the most significant BESS projects in the region.
The Pyhäsalmi Battery Energy Storage System project in Finland has reached a significant milestone with its successful sale. Etha is pleased to have acted as a sell-side transaction advisor in the project.
The Pyhäsalmi Battery Energy Storage System (BESS) project in Finland has reached a significant milestone with its successful sale completed on 10 March 2026. Sustainable Energy Solutions Sweden Holding AB (SENS) and Dovre Group Plc (Dovre) acted as sellers of the project company in a transaction valued at approximately EUR 5.5 million. Alongside the initial purchase price, a profit-sharing arrangement is in place until July 2027, provided the project is completed before that date. The share purchase agreement was signed between the parties in January 2026. The transaction was subject to customary conditions, which have now been fulfilled.
Etha is pleased to have acted as the sell-side transaction advisor in Pyhäsalmi BESS project, including transaction management services and legal support in respect of the negotiations. Etha further supported the transaction by advising on permitting, providing technical and project development expertise, and working actively with stakeholders.
The project, located in Pyhäjärvi, is designed to deliver capacity to both the frequency regulation and arbitrage markets in Finland. With a storage capacity of 85 MW / 170 MWh, the facility will contribute to increased flexibility and stability in the Finnish power system.
“The successful transaction reflects the increasing maturity of the Finnish energy storage market. Projects like Pyhäsalmi BESS are becoming an important part of the energy transition by supporting system flexibility and enabling further renewable integration. We are proud to have supported the development of this project and to contribute to the advancement of battery energy storage systems in Finland, and we thank all partners and teams involved for the excellent collaboration that made this milestone possible”, states Gergő Göcsei, Transaction Manager at Etha.
BESS enables the energy transition, bridging the gap between electricity production and demand. BESS stabilize the grid, reduce reliance on fossil fuels and enhance energy security. We at Etha are proud to have contributed to the progress of the Pyhäsalmi BESS project.
We are pleased to have played a key role in the project development and the transaction of the Juthskogen Wind Farm Project, located in Maalahti, Ostrobothnia. The ownership of the project company JWP Juthskog Wind Park Ab was transferred to OX2 in December 2025, the sellers being Tuulikarhu Oy with project initiators.
Etha joined the project in 2018 as Project Development Consultant, supporting the owners throughout the planning and permitting phases. Etha’s Engineering Services optimized the turbine layout based on field study findings while incorporating the latest technological advancements, and the Development Services team supported local negotiations to secure land access and managed the overall permitting process, guiding the project from the land use planning stage to the issuance of building permits.
“Juthskogen has been yet another special project with characteristics of great wind conditions and lots of landowners. With transparent discussions and communication, we managed to optimize the local land use to profitable project.”, sums up Jukka Rönnlund, Project Manager at Etha.
Later Etha’s responsibilities in the project expanded to transaction and legal advisory, including setting up of the virtual data room containing the project documentation, managing Q&As during buyer due diligence, and leading the agreement negotiations.
“Combining techno-commercial understanding with agreement structuring has once again proven valuable in facilitating a constructive handover from the project initiators to the party constructing the wind farm.”, says Jessica Dahlfors, Transaction Manager and Legal Counsel at Etha.
The Juthskogen Wind Farm consists of 14 planned turbines (a total output of 87 MW). The project’s land use plan and building permits have entered into legal force. The project’s environmental impact assessment procedure was carried out in 2019-2020, and the next phase of the project involves preparations for the final investment decision.
The Juthskogen Wind Farm project serves as an excellent demonstration of Etha’s versatile role as a comprehensive project developer and strategic transaction advisor, highlighting Etha’s ability to manage and deliver complex projects across the entire development and transaction processes.
Wind farms are essential in the transition to sustainable energy, and we are proud to play a key role in making it happen.
Etha Oy, a prominent Finnish sustainable energy consultancy, has taken a strategic step forward by joining Ametalis, an expanding Nordic group of specialist companies in environmental and technical advisory services. This partnership marks a new chapter for Etha, offering broader opportunities for growth, collaboration, and expertise in the renewable energy sector.
Etha Oy, a leading sustainable energy consulting company founded in 2002, has grown significantly during the recent years, and has developed in terms of services, areas of expertise, and customer relationships. The company is now entering its next phase of development by becoming a part of Ametalis, a Nordic platform that brings together autonomous specialist companies under a decentralised model, with Ametalis acting as the holding company and long-term strategic partner. “I regard joining Ametalis as a natural next strategic step for Etha, as the company is now evolving into a medium-sized business and is pursuing new growth and development opportunities. Ametalis shares Etha’s mission of enabling the sustainable energy transition, and this makes joining specifically Ametalis a natural selection for Etha. I consider this a great opportunity.”, states Staffan Asplund, founder of Etha.
The partnership between Etha and Ametalis brings significant benefits to Etha’s customers. Etha will have access to a broader Nordic network, and the partnership will open up new opportunities for collaboration, knowledge-sharing, and innovative solutions, enabling customers to have access to top-tier consulting services within sustainable energy. In addition, active strategic and operational support from Ametalis enables Etha to maintain long-term stability and continue investing in sustainable growth. This ensures Etha can deliver even greater value to its clients as they pursue renewable energy and sustainability goals. “Etha has successfully developed its business over the years, and I believe this is the right time for Etha to become part of a larger group that shares the same mission and vision, which also serve as Etha’s sustainable business drivers. Ametalis will offer Etha active support in developing the company further, and the collaboration will provide Etha with new opportunities for growth and access to a wider industry network that will also benefit our customers. I look forward to beginning our cooperation with Ametalis.”, says Marko Ekman, Managing Director of Etha.
In connection with the ownership change, Staffan Asplund will continue his engagement in Etha by taking on the role of Chairman of the Board, while Marko Ekman is appointed as Managing Director of the company. Current shareholders in Etha will reinvest and become owners in the group. “Companies joining Ametalis will retain autonomy over the operative management of the company, and this was also crucial for Etha to join Ametalis. This unique collaboration will offer significant development possibilities and at the same time Etha will retain its operational responsibility, organisational culture and strong local brand which are crucial for the success of the company.”, confirms Staffan Asplund.
“We are pleased to welcome Etha and its team to Ametalis. Etha’s sustainable energy expertise, clear market position and trusted brand make a strong addition to our group and mark an important step in Finland. Becoming part of Ametalis creates new growth opportunities while preserving Etha’s entrepreneurial spirit. We very much look forward to starting this new partnership.”, states Kim Lehmusvuori, CEO of Ametalis.
The change in the ownership structure of the company takes effect immediately.
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Etha Oy
Etha is a leading sustainable energy consultancy with a mission to enable the energy transition, leveraging over two decades of experience in supporting renewable energy projects across wind, solar, and battery energy storage systems. The company offers expert services including full-scale project development, permitting, grid solutions, technical due diligence, and comprehensive transaction services. Etha serves a wide range of customer segments through specialised business units and has participated in over 20 GW of clean energy projects in Finland and beyond. The company employs approximately 40 professionals in offices located in Helsinki, Tampere, Oulu, and Vaasa.
Ametalis AB
Ametalis is a Nordic group of specialist companies in technical and environmental consulting services. With sustainability embedded as an integral part of its operations, the group contributes to shaping a future in which industry, infrastructure and community development are characterised by long-term responsibility and technical expertise – from planning through implementation. Operational since 2023, Ametalis operates under a decentralised model while providing companies with the shared resources, tools, and strategic expertise required to help unlock new growth opportunities. The group’s expertise spans sustainability consulting, environmental analyses across soil, water, air and ecology, as well as technical solutions for infrastructure and industry. In 2025, the Swedish investment firm MVI became the majority owner of Ametalis, forming a long-term partnership and providing the capital and strategic support required to expand the group’s Nordic platform.
Etha is pleased to have acted as a sell-side transaction advisor for Pyhäsalmi BESS project, including transaction management services and legal support in respect of the negotiations. Etha further supported the transaction by advising on permitting matters and providing technical and project development expertise.
Etha is pleased to have acted as a sell-side transaction advisor for Pyhäsalmi BESS (Battery Energy Storage System) project, including transaction management services and legal support in respect of the negotiations. Etha further supported the transaction by advising on permitting matters and providing technical and project development expertise.
The project is located in Pyhäjärvi, adjacent to the closed Pyhäsalmi mine. The energy storage facility has a capacity of 85 MW and an energy storage capacity of 170 MWh. The facility will contribute to balancing the grid and enhancing system flexibility.
Sustainable Energy Solutions Sweden Holding AB (SENS) and Dovre Group Plc (Dovre) have signed agreement on selling the Pyhäsalmi BESS Oy to a Frankfurt-based infrastructure investor with approximately EUR 2 billion in assets under management and a strong track record in the Nordic energy sector. Closing will take place during Q1 2026 subject to the fulfilment of certain conditions precedent.
“This transaction is a great example of how mature, well-structured energy storage projects in Finland are now attracting high-quality international capital. BESS will be a cornerstone of a resilient, renewable power system and Pyhäsalmi BESS is setting the benchmark.”, states Arnaud Defrance, Head of Transactions at Etha.
BESS enable the energy transition, bridging the gap between electricity production and demand by storing excess energy when production is high and releasing it when demand rises. BESS stabilise the grid, reduce reliance on fossil fuels and enhance energy security. We at Etha are proud to have contributed to the progress of the Pyhäsalmi BESS project.
At the beginning of 2026, Etha Oy is set to drive forward its strategic growth and enhance its organisational structure. This year marks a significant transition as Marko Ekman assumes the role of Managing Director at Etha as of February 1, 2026, guiding the company into its next phase of development.
At the beginning of 2026, Etha Oy, a leader in sustainable energy consulting, is set to drive forward its strategic growth and enhance its organisational structure. This year marks a significant transition as Marko Ekman assumes the role of Managing Director as of February 1, 2026, guiding the company into its next phase of development.
Marko Ekman joined Etha in 2021 and has worked as Business Development Director and most recently as Director of Development Services in the company. Marko Ekman’s career spans nearly 30 years in various executive roles within the energy industry project business. “Having worked at Etha for four years now, I’ve been able to see and contribute to the company’s evolution. Etha has grown and developed significantly in terms of expertise, technology and customer relationships over these recent years. It has been great to work with Staffan Asplund and the Etha team, developing customer projects and advancing a meaningful business, and I look forward to contributing to the company’s continued development and growth in the role of Managing Director.”, states Marko Ekman.
Etha’s founder and current Managing Director Staffan Asplund will move from the operational management of the company into the role of Chairman of the Board of Etha. “We are very pleased that Marko Ekman will take on the role of Managing Director. With extensive experience in leadership roles, a strong understanding of the renewable energy industry, and an extensive stakeholder network, Marko Ekman is well positioned to lead the company in the next phase of its development when the company is now evolving from a small enterprise into a medium-sized business.”, states Staffan Asplund.
Etha is a leading sustainable energy consultancy with a mission to enable the energy transition, leveraging over two decades of experience supporting renewable energy projects across wind, solar and battery energy storage systems. The company offers expert services including full-scale project development, permitting, grid solutions, technical due diligence and comprehensive transaction services. Etha serves a wide range of customer segments through specialised business units and has participated in over 20 GW of clean energy projects in Finland and beyond. The company employs approximately 40 professionals in offices located in Helsinki, Tampere, Oulu, and Vaasa.
Additional information: Marko Ekman +358 50 526 5293 / marko.ekman@etha-consultancy.com
Etha’s expertise has been further strengthened as Sami Herranen started as Head of Engineering on November 24, 2025.
Sami has dedicated his career to leading complex engineering project deliveries in the energy and industrial sectors. His experience spans project and engineering management across mission-critical industries as well as industrial decarbonization projects. Over the years, he has successfully developed and delivered large-scale capital investments and strengthened project delivery capabilities, driving innovation and operational excellence.
“I am excited to take on this role at Etha, where I see a unique opportunity to contribute to the company’s mission of driving clean energy solutions. My motivation is driven by a passion for advancing the clean energy transition and by the chance to work with a highly skilled team to deliver impactful projects that combine technical excellence with commercial value,” Sami notes.
Please join us in welcoming Sami to Etha and wishing him success in his new position! Sami’s contact information can be found on our personnel page.
Etha Oy has been involved in Silokallio solar farm project from the very beginning, playing a key role in driving the project forward. The project, owned by Silokallion Aurinkovoimala Oy, has progressed well and has reached a significant milestone with the building permit being granted in June.
With extensive experience with renewable energy projects, Etha was engaged in the project as the Project Management Consultant. “Beyond managing the overall project and stakeholder engagement, we carried out a variety of critical preliminary assessments for the solar farm. These included, for instance, technical studies such as layout plan, energy yield and feasibility assessments, as well as studies examining the visual impacts of the solar farm.”, summarizes Solar Power Engineer, Artturi Kurhela, who has worked as the Project Manager in the Silokallio solar farm project.
Located in Kokemäki, in the Satakunta region of Western Finland, the project was initiated in November 2023 with preliminary assessments on the prerequisites for the solar farm which was followed by the inquiry on the need for Environmental Impact Assessment in 2024. Once the project was fully underway, we were able to secure a legally valid building permit in just over a year.
With the building permit in place, the project will now continue with soil investigations. Construction work is scheduled to begin in 2026-2027.
The Silokallio solar farm will cover an area of 83 hectares and have approximately 90 000 solar panels. The solar PV peak power will be approximately 60 MWp, and it is estimated that the solar farm will produce approximately 54 GWh of clean electricity annually. Electricity production is anticipated to start in the solar farm in 2027-2028.
The Swedish hydrogen technology company Hyrizeon AB and the Finnish renewable energy consulting company Etha Oy have entered into a strategic partnership to establish a joint venture, Hyrizeon Oy, targeting at the development of a 1 GW green hydrogen portfolio in Finland by 2027. The joint venture will be headquartered in Vaasa and is planned to commence operations in August 2025.
Green Hydrogen: A Catalyst for Climate Action and Industrial Competitiveness
Transitioning to green hydrogen is essential to meet the national and global climate targets, enhance industrial competitiveness, and create a flexible, resilient energy system. Hydrogen unlocks emission-free solutions for heavy industry, transportation, and energy storage, while providing stable revenue streams to renewable power producers. This translates into increased system efficiency and improved economics for renewable electricity generation.
Strategic Market Expansion in Finland
Finland aims to become a European leader in green hydrogen and is targeting to account for at least 10% of the EU’s renewable hydrogen production by 2030, according to resolution adopted by the Finnish Government. With access to fossil-free electricity, developed industrial base, and a clear national hydrogen strategy, Finland presents a compelling operating environment for large-scale hydrogen production, project development and international partnerships.
“The establishment of our Finnish joint venture marks the expansion of our commercial focus. By adding Finland to our geographical footprint, we strengthen our ability to rapidly build an investable portfolio of hydrogen projects. This is an important step in our ambition to accelerate the availability of competitively priced green hydrogen across the Nordic region,” says Axel Alm, CEO of Hyrizeon AB.
1 GW Project Portfolio by 2027
Hyrizeon Oy aims to develop a diversified project portfolio, totaling 1 GW of electrolyze capacity by the end of 2027. The goal is to establish competitive lead hydrogen projects with positive environmental impact, risk-minimized operating plans and long-term off-take agreements. These projects will be structured as separate special purpose vehicles (SPVs) and financed in partnership with external investors.
Joint Venture Governance and Next Steps
Hyrizeon AB will hold the majority ownership of the joint venture, leading technology development, financing, and off-take agreements. As a partner of significance, Etha will manage permitting, grid connections, and stakeholder relations in Finland. Initial projects are anticipated to be published in spring 2026.
“We view our collaboration with Hyrizeon as a strategic and natural evolution of the Etha Group, transitioning from standalone wind and solar power to integrated green energy infrastructure solutions. Together, we strengthen our position as a leading business partner in the green energy infrastructure sector of Finland and Sweden”, states Staffan Asplund, CEO of Etha Oy.
Hyrizeon
Hyrizeon accelerates Europe’s energy transition through green hydrogen – enabling climate-neutral industry, energy resilience, and long-term value creation. With a senior engineering team averaging 25+ years of experience, Hyrizeon delivers turnkey hydrogen solutions from feasibility to commissioning.
The company develops its own large-scale projects and also partners with utilities, industrial companies, infrastructure providers, and institutional investors across Europe. Combining deep technical know-how with project execution capacity, and market insight, Hyrizeon effectively creates investable, high-impact hydrogen assets aligned with the EU’s climate and industrial policy goals.
– Boosting local job creation, reducing dependence on fossil imports, and building critical infrastructure for a robust, future-proof energy system.
Etha offers project development services within renewable energy. Since 2002, Etha has participated in over 20 GW of wind, solar and battery energy storage projects, often throughout the whole chain from a project idea to ready-to-built. Projects Etha has participated in are located all over Finland, and via its network of cooperation partners the consultants of Etha take part also in projects of other Nordic countries and the Baltics. In special cases, where Etha can ensure additional value, consultants work also outside the previously mentioned markets.
With over 50 experts with technical, commercial or legal background, Etha forms a strong team with an acknowledged ability to manage projects with our cooperation partners.
