Augusta & Co is delighted to have acted as exclusive financial adviser to NW on the raising of a €220 million holdco debt facility to support the expansion of one of Europe’s leading “energy pure-player” operating battery energy storage systems (BESS). This facility is among the first of its kind in this space, providing non-dilutive capital at scale to accelerate the growth of the platform and triple its operational installed capacity in Europe by end-2027.
The financing will support the development and construction of NW’s small-scale, distributed BESS assets – known as JBox® – across France, Finland, Italy and Sweden, allowing NW to reach 4.6 GWh of operating capacity by the end of 2027. The facility underpins the company’s continued pan-European expansion as demand for flexible and decentralised storage solutions accelerates.
NW is already the largest BESS operator in France, with approximately 1.0GWh of operating assets, and in Finland with approximately 0.6GWh by the end of 2025. The company operates under a highly contracted and flexible business model, leveraging modular technology to enable streamlined development, permitting, and construction timelines. NW is fully integrated across the BESS value chain, from development and construction through to operation and commercial optimisation.
The facility, provided by EIG, demonstrates the growing availability of innovative financing solutions for differentiated BESS business models and reflects strong lender confidence in NW’s robustness and execution capabilities.
Jean-Christophe Kerdelhue, CEO and founder of NW, commented: “This financing, which is rare in our field of expertise given its size and structure, is yet another indication of the strength of our subsidy-free business model, which covers three areas: Infrastructure, Energy and Tech. NW is currently the market leader in BESS storage in France and Finland. We thank the Augusta team for the quality of its expertise and its continued support, which contributed to the successful completion of this transaction.”
Romane Guitard, Partner at Augusta & Co, commented: “This fully non-dilutive capital raise highlights the structuring strength and creativity of our advisory team. It supports our client’s continued expansion across Europe and sends a strong signal to the market about what is achievable in a rapidly developing BESS market. We are proud to have guided this transaction from inception to closing in partnership with a team whose vision, agility, and differentiated distributed business model truly set them apart.”
Contacts:
Romane Guitard: RGuitard@augustaco.com
Joe Ryan: JRyan@augustaco.com