OX2 Secures Project Financing From DNB Carnegie and UniCredit for 189MW Fageråsen Wind Farm
•February 17, 2026
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Why It Matters
The financing enables OX2 to expand its renewable portfolio in the Nordic market while the integrated battery storage supports grid stability and decarbonisation goals, signaling strong lender confidence in hybrid wind‑storage projects.
Key Takeaways
- •OX2 secured financing from DNB Carnegie and UniCredit.
- •189 MW Fageråsen wind farm includes 27 turbines.
- •Project slated to operate by early 2028.
- •First Swedish asset owned and operated by OX2.
- •200 MWh battery storage added to enhance power output.
Pulse Analysis
The 189 MW Fageråsen wind farm marks a pivotal step for OX2 as it moves from development to asset ownership in Sweden. Securing a syndicated loan from DNB Carnegie and UniCredit reflects a broader appetite among European banks for large‑scale onshore wind projects, especially in the Nordic region where wind resources are abundant and policy frameworks are supportive. By locking in long‑term financing ahead of commercial operation, OX2 reduces market risk and positions itself to capture stable, low‑cost electricity revenues once the turbines spin up in 2028.
A distinguishing feature of Fageråsen is the 200 MWh battery energy storage system, which will be co‑located with the turbines to smooth intermittent output and provide ancillary services such as frequency regulation. Natural Power’s technical due diligence covered everything from turbine selection and grid‑connection studies to environmental permitting and financial‑model alignment, ensuring that the storage component integrates seamlessly with the wind farm’s production profile. This level of scrutiny reduces operational uncertainty, improves capacity factor forecasts, and makes the combined asset more attractive to investors seeking diversified renewable revenue streams.
The Fageråsen financing package underscores a growing confidence among lenders to back hybrid wind‑plus‑storage projects, a trend that aligns with Europe’s 2030 climate targets and the EU’s push for increased renewable capacity. As more developers pair onshore wind with battery systems, the sector can deliver more predictable power output, easing grid integration challenges and opening doors to new power purchase agreements. For OX2, the successful close not only expands its footprint in the Swedish market but also sets a precedent for future projects across the Nordics, where similar financing structures are likely to become the norm.
Deal Summary
Swedish renewable energy developer OX2 has secured long‑term project financing from DNB Carnegie and UniCredit for its 189 MW Fageråsen onshore wind farm in Malung‑Sälen, Sweden. The financing supports the construction of the 27‑turbine project, which also includes a 200 MWh battery storage system and is slated to start operations in early 2028.
Article
Source: reNEWS
OX2 secures finance for 189MW Fageråsen
Natural Power advises lenders on Swedish wind project
17 February 2026 09:29
Natural Power has acted as lender’s technical adviser as OX2 secured long‑term project financing for the 189 MW Fageråsen Wind Farm in Malung‑Sälen, Sweden.
The consultancy said OX2 obtained financing from DNB Carnegie and UniCredit for the 27‑turbine onshore project, which is already under construction and is expected to begin operations in the first half of 2028.
It added that Fageråsen marks the first Swedish project that OX2 will own and operate.
Plans for the site also include a 200 MWh battery energy storage system to enhance overall power output.
Dr Joseph Gibbons, advisory and analytics lead for Natural Power Ireland, said:
“We’re delighted to be working with OX2 again as it advances project development in the Nordic region. By delivering full technical due diligence, we’ve helped guide lenders through the project’s technical, environmental and commercial complexities, enabling this critical investment decision. The Fageråsen Wind Farm represents a significant investment in Sweden’s renewable energy infrastructure, and we are immensely proud to have undertaken the advisory services.”
Gibbons added:
“Onshore wind – together with the rapidly growing BESS sector – is playing an essential role in global decarbonisation. We’re delighted to support lenders and developers in ensuring projects like Fageråsen are technically robust and commercially viable, helping accelerate the deployment of renewable energy infrastructure.”
Natural Power said its role covered technical due diligence across contracts, design and equipment specifications, as well as grid‑connection and permitting evaluations, energy‑yield analysis and financial‑model alignment.
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