BW ESS has signed a SEK628 million (€57 million) green loan agreement with Nordea Bank to finance a 211MW/211MWh battery energy storage portfolio in Sweden, the company said in a statement on Monday.
The portfolio, which comprises 14 operational large-scale battery energy storage system (BESS) facilities, is owned by BW ESS in partnership with Swedish developer Ingrid Capacity. The financing marks BW ESS’s first external debt transaction and is considered the largest BESS financing completed in the Nordic region to date.
“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,” said Marc Weisser, chief financial officer at 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 facilities were inaugurated in October 2023 by Sweden’s Minister for Climate and the Environment, Romina Pourmokhtari. The project is part of BW ESS’s broader efforts to scale battery storage infrastructure across Europe, in line with increasing demand for flexible, grid-supporting energy assets.
BW ESS, a subsidiary of the global energy and maritime group BW Group, said the deal builds on a two-decade banking relationship between BW Group and Nordea.
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.”
The financing is expected to support the continued growth of battery storage in Sweden, as the region accelerates the transition to low-carbon energy systems.
