BW ESS and Nordea Bank sign largest ever battery storage financing in the Nordics
Summary
SEK 628 million green loan agreement to finance 211MW operational BESS portfolio in Sweden, jointly owned by BW ESS and Ingrid CapacityZurich, 28th April 2025 BW ESS has secured a SEK 628m green loan agreement with Nordea Bank for its 211MW/211MWh portfolio of operational battery storage assets in Sweden, owned in partnership with Ingrid Capacity. Nordea has a 200-year tradition of supporting and growing the Nordic economies, and their backing of this portfolio demonstrates a shared commitment to projects that accelerate the energy transition.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, CFO of 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 has more than 500MWh of operating BESS projects, with over 1GWh under construction and a development pipeline of about 7GW.BW ESS has a strategy to hold assets for the long-term, taking a hands-on approach to unlock value throughout the energy storage asset lifecycle.Part of BW Group, BW ESS can leverage a global industry network, as well as decades of experience in energy infrastructure investment, delivery, and operation. By unlocking grid flexibility and accelerating electrification, Ingrid Capacity enables a more resilient, competitive, and sustainable energy system.Since its founding in 2022, Ingrid Capacity has built a market-leading trading and optimization platform, established itself as the Nordic leader in energy storage, and is now rapidly expanding across Europe.