OX2 secures financing for energy storage facilities in Finland

OX2 has secured project financing from a consortium of lenders including KfW IPEX-Bank, NatWest, Nordea, and SEB for the construction of its first energy storage facilities in Finland, totaling 235 MW. The financing was secured as an extension of existing commitments made towards three wind power projects scheduled for completion in December 2025. This deal signifies a strategic move by OX2 to diversify its renewable energy portfolio beyond wind power and into energy storage, a critical component for grid stability and the integration of intermittent renewable energy sources. The involvement of established financial institutions like Nordea, KfW IPEX-Bank, NatWest, and SEB underscores the growing confidence in battery storage technology and its bankability as an infrastructure asset. Watson Farley & Williams advised the lenders, while Augusta & Co advised the borrower. The deal is notable for its size, representing a significant investment in energy storage capacity in Finland. The participation of major Nordic and European lenders highlights the increasing appetite for financing energy storage projects. This project will contribute to Finland's energy transition goals by enhancing grid flexibility and enabling greater utilization of renewable energy sources. The financing structure, leveraging existing commitments for wind power projects, demonstrates an innovative approach to funding integrated renewable energy solutions. The deal's announcement in February 2026 suggests a forward-looking perspective on the evolving energy landscape.