Owner-operators BW ESS and Ingrid Capacity have secured a SEK628 million (US$65 million) green loan financing from Nordea Bank for a jointly-owned 211MW portfolio in Sweden.
The green loan financing covers the already-operational 211MW/211MWh portfolio of 14 battery energy storage system (BESS) projects, which came online over the course of 2024, the largest portfolio in Sweden. They are located in the SE3 and SE4 electricity price areas.
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The projects were initially developed by Sweden-based Ingrid Capacity, with BW ESS coming in as the majority owner of the projects, and minority investor in Ingrid, in 2023.
The transaction is BW ESS’ first external financing, meaning the company has primarily funded its projects, including those in Sweden, with its internal balance sheet. BW ESS is the BESS investment arm of shipping and energy group BW Group.
The firms claimed the financing is the largest BESS financing in the Nordics to-date.
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.”
BW ESS is also entering the Italian, German and Australian BESS markets with in-development projects and has operational projects in the UK, including the 100MW/331MWh Bramley BESS, a high-profile project that its CTO discussed in detail at an event in China (Premium access article).
Ingrid is the leading developer of BESS projects in Sweden, and its partnership with BW ESS is non-exclusive, meaning it has partnered with other investors for projects in the country. It partnered with investor SEB on a 196MW BESS portfolio and has also launched the design phase of a 100MW/200MWh project. Ingrid has made a move into Finland, recently revealing plans to build a 70MW/140MWh BESS there.
