Sweden-based renewable energy company OX2 has secured PLN 550 million (~$146 million) in financing for a 50 MW battery energy storage project in Osiek Jasielski, Podkarpackie Voivodeship, and a 165 MW Lion solar project in Lubuskie Voivodeship, Poland.

NORD/LB and CaixaBank provided the financing, with NORD/LB acting as agent. Global law firm Norton Rose Fulbright advised OX2 on the transaction.

The finance workstream was led by Senior Associate Karolina Lepakiewicz and included Counsel Igor Kondratowicz-Laderski and Associates Antoni Krzyżanowski and Daniel Książek. The project workstream was led by Partner Tomasz Rogalski, with Associate Bartosz Odziemkowski also involved.

Karolina Lepakiewicz, Senior Associate at Norton Ful Bright, said, “This financing represents an important milestone not only for OX2, but also for the continued development of Poland’s renewable energy sector. By combining this landmark BESS project with one of the country’s largest PV projects, the transaction supports the evolution of a more flexible and resilient energy system. We are delighted to have assisted OX2 in reaching this significant milestone and would like to thank all parties involved for their collaborative approach and commitment throughout the process.”

OX2 develops, constructs, owns, and manages large-scale onshore wind, offshore wind, solar, and energy storage projects. The company is headquartered in Stockholm and operates across Europe and Australia. It is owned by EQT.

According to the company, the Lion project is expected to become OX2’s largest photovoltaic project so far, while the energy storage project marks OX2’s first battery storage project in Poland.

The Lion photovoltaic project is expected to generate approximately 184 GWh of electricity annually once operational. The 50 MW battery storage project has a capacity market agreement, which the company said provides long-term revenue stability and supports the project’s bankability.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 year-over-year.

In May 2026, Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, closed a $901 million project financing facility to support three solar and battery storage projects in Texas.