BW ESS Secures SEK 628m Green Loan for Largest Battery Storage Portfolio in the Nordics

BW ESS has secured a SEK 628m green loan from Nordea Bank for its 211MW/211MWh portfolio of operational battery storage assets in Sweden, owned in partnership with Ingrid Capacity. This marks BW ESS' first external financing and is the largest battery energy storage system (BESS) financing in the Nordics to date.

Part of BW Group, a global energy and maritime infrastructure company, BW ESS has a longstanding relationship with Nordea Bank, which spans over 20 years. This financing reflects both organizations' commitment to accelerating the energy transition and supporting sustainable projects in the Nordic region.

“We’re excited to partner with Nordea on this landmark BESS transaction in the Nordics,” said Marc Weisser, CFO of BW ESS. “This deal highlights the strength of our business model, combining local development expertise with global experience to unlock the value of energy storage.”

The portfolio, which consists of 14 large-scale BESS facilities, is the largest in the Nordics and was inaugurated in October by Sweden’s Minister for Climate and the Environment, Romina Pourmokhtari. Majority-owned by BW ESS, the assets were delivered jointly with Ingrid Capacity.

“This financing shows that battery storage is no longer an emerging technology, but a core part of the future energy system — vital for energy security, affordability, and decarbonization,” said Axel Holmberg, CEO of Ingrid Capacity. “We are proud to collaborate with BW ESS and Nordea to deliver meaningful impact across Europe.”