Sweden Secures Finance for 189MW Wind Farm with Battery

Sweden is getting closer to powering its future with clean energy after OX2 secured long-term financing for the 189MW Fageråsen Wind Farm in Malung-Sälen. DNB Carnegie and UniCredit are backing the 27-turbine project, which is already under construction and expected to start generating electricity in early 2028.

This marks a milestone for OX2, as Fageråsen will be the first Swedish wind farm the company both owns and operates. The shift signals growing confidence in Sweden's renewable energy market and the company's commitment to the region's clean power goals.

What makes this project especially exciting is the addition of a 200MWh battery energy storage system. The battery will store excess wind power when generation is high and release it when demand peaks, making clean energy more dependable and reducing the need for fossil fuel backup.

Natural Power, a renewable energy consultancy, guided the lenders through the complex technical and financial details of the project. Their team evaluated everything from equipment specifications to grid connections, ensuring the wind farm would be both technically sound and commercially viable.

Dr. Joseph Gibbons from Natural Power Ireland emphasized the importance of thorough planning. "Onshore wind, together with the rapidly growing battery storage sector, is playing an essential role in global decarbonization," he said, noting how projects like Fageråsen help accelerate the shift to renewable infrastructure.

The Ripple Effect

This investment does more than add clean megawatts to Sweden's grid. It creates construction jobs, supports local economies, and demonstrates that renewable energy projects can attract serious financial backing from major banks. Every successful wind farm makes the next one easier to finance, building momentum across the entire industry.

The combination of wind power and battery storage represents the future of reliable renewable energy. As more projects follow this model, communities can depend on clean power around the clock, not just when the wind blows.

Sweden is proving that the transition to renewable energy isn't just possible, it's already happening at scale.