Natural Power has supported OX2 in securing financing for a 50 MW battery storage project co-located with a wind farm in Sweden.
The renewable energy consultancy acted as lender’s technical advisor, providing technical due diligence to support financing of the 50 MW/209 MWh, four-hour battery energy storage system (BESS), which will be built adjacent to OX2’s Fageråsen Wind Farm in the municipality of Malung-Sälen. Natural Power previously carried out technical due diligence for the wind farm’s own financial close.
For the storage project, Natural Power worked alongside Etha Oy, a delivery partner in the Nordic market, to give lenders a detailed technical assessment. The team prepared due diligence reports setting out the key risks and opportunities associated with the development, informing the lenders’ financing decision.
OX2 secured the financing through an extension of the commitments already in place for the wind farm, with DNB and UniCredit acting as lenders. Construction of the BESS facility began in July, with commissioning planned for the end of 2027.
Clare McDowell, senior energy storage advisor at Natural Power, said: “Co-locating battery storage with renewable generation has an increasingly important role to play in creating a more flexible and resilient energy system. Projects like Fageråsen demonstrate how combining wind and storage can help make more effective use of renewable generation while supporting the evolving needs of the electricity system.
“We’re delighted to have supported OX2 and the lenders at this important stage of the project. Our role as lender’s technical advisor was to provide an independent and detailed assessment of the project, identifying the key technical risks and opportunities to provide the lenders with confidence in their investment decision. Working alongside our trusted partner Etha Wind Oy also enabled us to combine our specialist energy storage expertise with strong local knowledge and experience.”
Natural Power has now been appointed to continue supporting OX2 and the lenders through the next stage of the project, providing construction monitoring services at the BESS facility.
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