How our lender’s technical advisory work is helping support a more flexible, resilient energy system at Fageråsen
We recently supported OX2 in securing financing for a 50 MW / 209 MWh, four-hour battery energy storage system (BESS) project co-located with the Fageråsen Wind Farm in Sweden.
Acting as lender’s technical advisor, we provided technical due diligence services to support the financing of the project, which will see a battery energy storage facility developed adjacent to OX2’s Fageråsen Wind Farm in the municipality of Malung-Sälen.
This appointment builds on our earlier work on the wind farm, where we also provided technical due diligence services in support of financial close. It reflects the growing importance of integrated wind and storage projects in helping renewable energy assets respond to the evolving needs of the electricity system.
For the BESS project, we worked in partnership with Etha Oy, our trusted delivery partner in the Nordic market, to provide the lenders with a detailed and independent technical assessment. Together, we prepared technical due diligence reports that highlighted the key risks and opportunities associated with the development, giving the lenders the information they needed to support their financing decision.
OX2 has secured financing for the energy storage facility through an extension of the commitments already provided for the Fageråsen Wind Farm, with DNB and UniCredit acting as lenders. Construction of the BESS facility started in July, with commissioning planned for the end of 2027.
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 grid reliability and flexibility.
We are delighted to have supported OX2 and the lenders at this important stage of the project. Our role was to provide an independent, detailed assessment of the project, identifying the key technical risks and opportunities to give the lenders confidence in their investment decision. Working alongside Etha Oy also enabled us to combine our specialist energy storage expertise with strong local knowledge and experience.
Supporting the next stage of delivery
We have 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.
This continued involvement builds on our wider support for the Fageråsen project and demonstrates the value of providing independent technical expertise throughout the lifecycle of increasingly complex hybrid renewable energy developments.
As the role of energy storage in building resilience and reliability into the grid becomes ever more important, we continue to grow our team of experts across energy storage technology, consenting, contracting, construction, energy analysis and asset management. To date, we have supported more than 86 GWh of energy storage projects globally.
Find out more about our energy storage services.