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BW ESS Secures SEK 628 Million Loan from Nordea Bank for 211 MW BESS Projects in Sweden

BW ESS has secured a SEK 628 million green loan from Nordea Bank to finance its 211 MW/211 MWh battery storage portfolio in Sweden, marking the largest BESS financing deal in the Nordics to date.

April 28, 2025. By Mrinmoy Dey

BW ESS has secured a SEK 628 million green loan agreement with Nordea Bank for its 211 MW/211 MWh 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 global energy and maritime infrastructure company, and this landmark financing continues a longstanding relationship with Nordea Bank at Group level, dating back over 20 years.

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.

Commenting on the development, Marc Weisser, CFO of 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, CEO 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 decarbonisation. 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.”

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BESS project financing

BESS projects in Sweden

Marc Weisser

Axel Holmberg

BW ESS battery storage assets