Norton Rose Fulbright advises OX2 on PLN 550 million financing of 50 MW battery energy storage project and 165 MWp PV project in Poland

Global law firm Norton Rose Fulbright has advised OX2 on the financing of the construction of a 50 MW battery energy storage system (BESS) project in Osiek Jasielski, Podkarpackie Voivodeship and a 165 MWp Lion photovoltaic (PV) project in the Lubuskie Voivodeship. The financing was provided by NORD/LB and CaixaBank, with NORD/LB acting as agent.

The financed portfolio combines the 165 MWp Lion PV farm, set to become OX2's largest PV project to date, with the OX2's first BESS project in Poland. The transaction is a landmark deal for the Polish renewable energy market, bringing together one of the country's largest solar projects and one of its early BESS financings, thereby supporting greater grid flexibility and renewable energy integration. Once operational, the Lion PV farm is expected to generate approximately 184 GWh of electricity annually, enough to power around 51,000 households.

The battery energy storage system (BESS) project marks a particularly significant milestone as the first BESS in Poland for OX2.The project benefits from a capacity market (CM) agreement, providing long-term revenue stability and supporting its bankability.

In parallel, the Lion PV project represents one of the largest solar developments in Poland and OX2's largest photovoltaic asset to date, combining scale with stable renewable generation and forming a complementary element of the overall portfolio.

OX2 is a renewable energy company developing, constructing, owning, and managing large-scale onshore and offshore wind, solar, and energy storage projects. Headquartered in Stockholm, Sweden, OX2 operates across Europe and Australia and is owned by EQT, one of the world's largest private equity investors.

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 the involvement of associate Bartosz Odziemkowski.

The hedging workstream was led by counsel Krzysztof Gorzelak, supported by associates Antoni Krzyżanowski and Natalia Rybak. The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.
Karolina Lepakiewicz commented:

"This financing represents an important milestone not only for OX2, but also for the continued development of Poland's renewable energy sector. At the heart of the transaction is the battery energy storage system (BESS) project, which constitutes the most innovative and pivotal asset in the financing, marking a significant step forward for utility scale storage in Poland. 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."