Utility scale ESS project financing options in Sweden 2025

Does BW ESS have a green loan agreement with Nordea?

On 28 April 2025, BW ESS, through a partnership with Ingrid Capacity AB, announced that it had entered into a green loan agreement with Nordea in order to finance a 211 MW operational BESS portfolio in Sweden. The portfolio of 14 large-scale BESS facilities is the largest in the Nordics.

What is BW ESS financing?

The transaction is BW ESS’ first external financing and understood to be the largest battery energy storage system (BESS) financing in the Nordics to date.

Did BW ESS & Ingrid capacity get a green loan?

BW ESS and Ingrid Capacity have secured a US$65 million green loan financing from Nordea Bank for a jointly-owned 211MW portfolio in Sweden.

How much money does BW ESS invest in Ingrid capacity?

BW Group invested around SEK 1 billion into Ingrid Capacity in April 2023. According to BW ESS’ website, the 14 batteries which are the subject of the green loan are between 5 MW and 20 MW in scale and “generally” have an hour of storage capacity. BW ESS is active in the UK, Australia, Italy, Germany, and Sweden.

What is BW ESS?

The portfolio of 14 large-scale BESS facilities is the largest in the Nordics. The project financing of the first BESS facilities in the portfolio reached financial close in May 2025. BW ESS is a global energy storage owner-operator, moving with speed to develop and build market-leading energy storage projects across multiple countries.

Did BW ESS borrow money from Nordea Bank?

Zurich-based BESS owner-operator BW ESS has borrowed SEK 628 million ($64.8 million) from Finland’s Nordea Bank for its 14-project battery energy storage system (BESS) portfolio in Sweden. The transaction is the company’s first external financing and is understood to be the largest BESS financing in the Nordics to date.