BW ESS has secured a SEK628m (€57m) green loan agreement with Nordea Bank for its 211MW/211MWh portfolio of operational battery storage assets in Sweden, owned in partnership with Ingrid Capacity.
The transaction is BW ESS’ first external financing and is understood to be the largest battery energy storage system (BESS) financing in the Nordics to date.
BW ESS is part of BW Group, a leading global energy and maritime infrastructure company, and this financing continues a longstanding relationship with Nordea Bank at Group level, dating back over 20 years.
Marc Weisser, chief financial officer at BW ESS, said: “We are thrilled to be partnering with Nordea on this landmark transaction for BESS in the Nordics, representing not only a significant milestone for the market, but also a significant achievement for BW ESS.
“It underlines the strength of our business model, coupling local development expertise with our global experience and financing relationships to unlock the value of energy storage.”
The portfolio of 14 large-scale BESS facilities is the largest in the Nordics.
It was inaugurated by Sweden’s Minister for Climate and the Environment, Romina Pourmokhtari, in October last year.
The assets are majority owned by BW ESS and were jointly delivered by BW ESS and Ingrid Capacity.
Axel Holmberg, chief executive of Ingrid Capacity, said: “This financing is more than a milestone – it’s proof that the market sees what we see: battery storage is not just an emerging technology.
“It’s part of the core infrastructure of tomorrow’s energy system – essential for energy security, affordability, and decarbonization.
“We deeply value our partnership with BW ESS and Nordea – both of whom share our conviction in the critical role of storage and our commitment to delivering impact across Europe.”