Augusta & Co is pleased to announce its role as exclusive financial adviser to OX2 in securing project financing to enable construction of two battery energy storage system (BESS) projects in Finland, totalling 235MW. This forms part of a wider portfolio financing alongside three onshore wind projects, which reached financial close in December 2025 with support from Augusta & Co. The transaction is understood to mark the first combined onshore wind and BESS financing in the Nordics, a significant milestone for the region’s renewable energy market.
Financing was secured from a strong club of European lenders, comprising KfW IPEX-BANK, NatWest, Nordea Bank Abp and Skandinaviska Enskilda Banken AB. The speed of execution for a transaction of this size and complexity highlights OX2’s strength as a sponsor and the high level of confidence from the lending group. The BESS financing was underpinned by a long-term flexible purchase agreement with Norwegian power producer Statkraft for the operation and optimisation of both storage facilities.
Matthias Taft, CEO at OX2 AB, commented: “By integrating energy storage facilities into our wind projects, we not only enhance the flexibility and stability of the regional electricity system but also reinforce OX2’s own portfolio in terms of reliability and revenue stability. This investment marks an important step in broadening the value and performance of our renewable energy offering.”
Shyam Sankar, Managing Director at Augusta & Co, commented: “We are delighted to have supported OX2 on this landmark transaction, delivering one of the first co-located wind and BESS financings in the Nordics. This financing demonstrates both the growing maturity of the Nordic storage market and OX2’s successful transition from developer to independent power producer.”
Contact:
Shyam Sankar: SSankar@augustaco.com