BW ESS, the energy storage owner and operator part of BW Group, has secured a $65 million USD (SEK 628 million) loan agreement with Nordea Bank for a portfolio of 14 operational battery storage assets in Sweden.
These battery energy storage system (BESS) facilities, which have a total duration of 211MWh, are owned in partnership with Sweden-based energy company Ingrid Capacity.
The firm stated that this is the first external financing, and the largest BESS financing to date in the Nordic region.
These 14 BESS facilities are majority owned by BW ESS but were jointly delivered by the company alongside Ingrid Capacity.
They were inaugurated last year by Swedish Minister for Climate and Environment, Romina Pourmokhtari.
Marc Weisser, CFO, 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.”
Axel Holmberg, CEO, 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.”
Image: BW ESS secures financing by Nordea Bank for BESS facilities. Credit: BW ESS
