KfW IPEX-Bank is taking a lead role in the financing of a wind and battery energy storage system ( BESS ) portfolio in western Finland.

The German commercial bank serves as the mandated lead arranger and facility and security agent in the deal, alongside Nordea, SEB and NatWest.

With a total investment of €500 million ( US$583.31 million ), the financing will enable Swedish developer OX2 to construct and operate three onshore wind farms and two co-located battery energy storage systems.

The portfolio comprises a total of 277 megawatts of wind power from 44 Vestas turbines and up to 235MW of battery storage capacity, across the Kannisto, Korkeamaa, and Salo-Ylikoski projects, located in the Finnish municipalities of Halsua, Soini, and Kauhava.  

Upon completion, the facilities will make a significant contribution to sustainable electricity supply in Finland and across the European power grid. 

The combination of powerful wind farms and advanced storage technology enables the flexible and demand-driven delivery of green electricity. In this way, the project actively contributes to achieving European climate and energy targets and strengthening regional value creation in Finland and Europe. 

"This portfolio financing sets new benchmarks for the integration of wind energy and battery storage, strengthening energy supply in Europe,” says Velibor Marjanovic, a member of the KfW IPEX-Bank management board. “This combination showcases how innovative solutions are driving the transformation of the energy sector. We are proud to have OX2 as a committed partner at our side."