Inauguration of the largest battery energy storage portfolio in the Nordics. From left to right: Caroline Asserup, Director General at the Swedish Energy Agency, Jimmy Jansson, Mayor of Eskilstuna Municipality, Axel Holmberg, CEO at Ingrid Capacit...Ingrid Capacity and BW ESS have secured a SEK 628 million green loan from Nordea Bank to finance their jointly owned 211MW/211MWh battery storage portfolio — the largest of its kind in the Nordics. This landmark debt financing is the first and largest of its kind in the region, underscoring the viability of battery energy storage systems (BESS) as a reliable, bankable, and scalable part of the energy system. It also reaffirms Ingrid Capacity’s role as a pioneer and leading provider of flexible capacity in the Nordics.
Ingrid Capacity is rethinking how energy systems work — tackling grid constraints by combining flexible energy assets, advanced grid optimization software, and innovative ways to contract and trade electricity and flexibility. The goal is to make real-time flexibility available where and when it’s needed to meet the growing demand for clean electricity.
This deal demonstrates the bankability of grid-scale BESS as both credible and scalable. It marks a key step in scaling Ingrid Capacity’s impact and building a more flexible, resilient, and affordable clean energy system across Europe.
“This financing is more than a milestone — it’s proof that the market sees what we see: battery storage is not just an emerging technology. It’s part of the core infrastructure of tomorrow’s energy system — essential for energy security, affordability, and decarbonization,” says Axel Holmberg, CEO of Ingrid Capacity. “We deeply value our partnership with BW ESS and Nordea — both of whom share our conviction in the critical role of storage and our commitment to delivering impact across Europe.”
The portfolio of 14 battery sites across Sweden was built and commissioned in under a year from financial investment decision — an exceptionally fast timeline for energy infrastructure. The projects were officially inaugurated in October 2024 by Sweden’s Minister for Climate and the Environment, Romina Pourmokhtari. In her inauguration speech, she emphasized the importance of stronger power grids and improved energy storage to meet rising electricity demand, achieve Sweden’s climate goals, and strengthen competitiveness.
Today, these 14 sites actively deliver critical grid services, support the power system in real time, and contribute to lowering electricity costs for consumers.
“This landmark financing for energy storage leverages a 20-year, multiple transaction relationship between Nordea and BW Group,” says Marc Weisser, CFO of BW ESS. “It underlines the strength of our business model, coupling local development expertise with our global experience and financing relationships to unlock the value of energy storage.”
Ingrid Capacity aims to be a long-term partner for capacity and flexibility off-takers and partners — providing tailored energy solutions to utilities, industrial users, data centers, and energy markets. Our solutions support grid operators, relieve grid constraints, reduce market volatility, and accelerate the wider electrification of society. By 2030, Ingrid Capacity targets managing and orchestrating 8GW of flexible assets across Europe.
About Ingrid Capacity:
Ingrid Capacity is shaping the future of energy by addressing one of the most critical challenges in the energy transition: grid constraints. The company optimizes electricity grids for system operators, energy users, and power producers by combining strategically located flexible assets, advanced digital tools for grid optimization, and innovative energy contracting models. By unlocking grid flexibility and accelerating electrification, Ingrid Capacity enables a more resilient, competitive, and sustainable energy system.
Since its founding in 2022, Ingrid Capacity has built a market-leading trading and optimization platform, established itself as the Nordic leader in energy storage, and is now rapidly expanding across Europe.
About BW ESS:
BW ESS is a global energy storage owner-operator, moving with speed to develop and build market-leading energy storage projects across multiple countries. Typically working with local development partners, the business is active in the UK, Australia, Italy, Germany, and Sweden. It has more than 500MWh of operating BESS projects, with over 1GWh under construction and a development pipeline of about 7GW. BW ESS has a strategy to hold assets for the long-term, taking a hands-on approach to unlock value throughout the energy storage asset lifecycle.
Part of BW Group, BW ESS can leverage a global industry network, as well as decades of experience in energy infrastructure investment, delivery, and operation. To find out more, visit: https://bw-ess.com/
