Linklaters advises NW on a €220 million holdco financing from EIG to accelerate the group’s expansion

Linklaters has advised NW, one of Europe’s leading energy pure players operating battery energy storage systems (BESS), on a landmark €220 million HoldCo debt financing obtained from EIG, a leading institutional investor in the global energy and infrastructure sectors.

This new financing will support NW’s expansion and the development and construction of its small-scale, distributed BESS assets – known as JBox® – across France, Finland, Italy and Sweden. It will enable NW to target a total operating capacity of 4.6 GWh by the end of 2027 and to accelerate its pan-European expansion against a backdrop of growing demand for flexible and decentralised storage solutions.

This financing is in addition to the €430 million limited recourse financing arranged in 2024 by Santander CIB and Rabobank and the €300 million equity raise secured in 2022 on which Linklaters advised NW.

The Linklaters team was led by François April, Partner and included Mylinh Pham, Managing Associate, Zehra Sever, Associate, and Marija Goranovic, Junior Associate, in Energy & Infrastructure.

Tax aspects were handled by Cyril Boussion, Partner and interest rate hedging aspects by Sophie Weiss, Managing Associate.

In recent years, Linklaters has been involved in numerous major transactions in the energy transition space, particularly in the renewable and decarbonized energy sector.