Watson Farley & Williams (“WFW”) advised a consortium of lenders comprising KfW IPEX-Bank, NatWest, Nordea and SEB, on a project financing granted to OX2 for the construction of its first energy storage facilities in Finland with a combined capacity of 235 MW.
Financing for the project was secured through an extension of commitments already made towards the construction of three wind power projects in December 2025, on which WFW also advised. The energy storage facilities will be located at two of these sites – Kannisto and Korkeamaa – with construction scheduled to begin immediately and completed in 2028.
Stockholm-headquartered OX2 develops and operates onshore and offshore wind, solar and energy storage projects across Europe and Australia.
The WFW London Energy team that advised the lenders was led by Global Energy Sector Head and Projects Partner Henry Stewart, supported by Partner Paul Simpson, Counsel James Harrison and Associates Tara Goalen, Elias Votta and Esteira Hiwaizi. Financial Markets & Products Partner Rob McBride and Associate Kristina Buckberry advised on the hedging aspects of the transaction, with Senior Associate Emily Lamberto leading on due diligence matters.
Henry commented: “We’re delighted to have once again supported this lender group in advancing a portfolio that is central to Finland’s renewable energy framework. The expansion into energy storage is a natural and necessary next step, and this financing reflects the trusted relationships we’ve built and the market’s confidence in OX2’s vision”.
Augusta & Co acted as OX2’s exclusive financial adviser.
