We have 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 (LTA), 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. We previously provided technical due diligence services in support of financial close for the wind farm.
For the battery storage project, our team worked in partnership with Etha Oy, a trusted delivery partner in the Nordic market, to provide the lenders with a detailed technical assessment of the project. The team prepared technical due diligence reports highlighting the key risks and opportunities associated with the development, providing the lenders with the information required 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.
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.”
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’re continuing to grow our team of experts in energy storage technology, consenting, contracting, construction, energy analysis and asset management and have supported more than 86 GWh of energy storage projects globally. More here: Energy Storage