EXECUTIVE SUMMARY

OX2 has secured financing for a 50 MW / 209 MWh battery storage system built next to its Fageråsen Wind Farm in Sweden. Natural Power supported OX2 in securing this financing, acting as the lender's technical advisor and providing technical due diligence services. DNB and UniCredit are the lenders.  

Natural Power is a renewable energy consultancy and service provider, working across wind, solar, and battery storage projects for developers, investors, and lenders. The firm has taken on a supporting role in a Swedish battery project. It has helped OX2 secure financing for a 50 MW / 209 MWh, four-hour battery energy storage system that will be built alongside the company's Fageråsen Wind Farm in the municipality of Malung-Sälen. 

OX2 secured the funding through an extension of commitments already in place for the wind farm, with DNB and UniCredit acting as lenders. 

Work on site is already underway. Construction of the BESS facility began in July, and commissioning is planned for the end of 2027. Natural Power's involvement is not limited to financing. The firm has now been appointed to continue supporting OX2 and the lenders through the next stage, providing construction monitoring services at the facility. 

Clare McDowell, Senior Energy Storage Advisor at Natural Power, commented on the wider significance of pairing storage with generation. She said co-locating battery storage with renewable generation has an increasingly important role in creating a more flexible and resilient energy system, and pointed to Fageråsen as an example of how combining wind and storage can make better use of renewable output while supporting the changing needs of the grid. 

Sweden's storage sector has been growing rapidly in recent years. Rising cases of negative electricity prices and industrial electrification are pushing operators toward flexible assets that can balance supply and demand. Co-located systems like Fageråsen fit into that trend by pairing existing grid connections with new storage capacity, rather than requiring standalone infrastructure.