The Nordic Battery Boom Just Got a $49 Million Boost

Sweden’s energy storage sector just hit a major milestone—and it’s all about batteries. BW ESS, in partnership with Ingrid Capacity, has secured a SEK 628 million (nearly £49 million) green loan from Nordea Bank to fund its 211 MW/211 MWh battery storage portfolio. This isn’t just another financing deal; it’s the largest battery energy storage system (BESS) transaction ever seen in the Nordics.

Big Batteries, Bigger Ambitions

The portfolio, consisting of 14 large-scale BESS facilities, is already the largest of its kind in the region. Inaugurated in October 2024 by Sweden’s Minister for Climate and Environment, Romina Pourmokhtari, these projects represent a critical step in balancing the country’s renewable-heavy grid. For BW ESS—a subsidiary of maritime giant BW Group—this marks its first external financing, leveraging a two-decade relationship with Nordea, a bank with deep roots in Nordic infrastructure.

“This deal validates our business model and signals the maturity of the Nordic BESS market,” said Marc Weisser, CFO of BW ESS. “It’s a turning point.”

Why Battery Storage Matters Now

As wind and solar dominate Sweden’s energy mix, the need for grid stability has never been higher. Batteries fill the gaps—storing excess renewable energy when supply outstrips demand and releasing it when the wind isn’t blowing or the sun isn’t shining. Axel Holmberg, CEO of Ingrid Capacity, put it bluntly: “Battery storage isn’t optional for future energy systems. Partnerships like this make it possible.”

The financing also underscores Nordea’s role in backing green transitions. With 200 years of financing Nordic economies, the bank is betting big on storage as a linchpin for decarbonization.

Meanwhile, Across the Baltic…

Unrelated but equally noteworthy: Germany’s EnBW He Dreiht offshore wind farm just installed its first turbine, while Energy Global prepares its Spring 2025 issue. The energy transition, it seems, is moving faster than ever.