Underground, low-background accelerator-based experiments are an important tool to study nuclear reactions directly at energies relevant for astrophysical processes. This technique has been developed and proven at the 0.4 MV LUNA accelerator in the Gran Sasso laboratory in Italy, shielded from cosmic rays by 1400 m of rock. However, the nuclear reactions of helium and carbon burning and the neutron source reactions for the astrophysical s-process require higher beam energies. The same is true for the study of solar fusion reactions. Therefore, the NuPECC long range plan for nuclear physics in Europe strongly recommends the installation of one or more higher-energy underground accelerators. Detailed background studies have shown that the Felsenkeller shallow-underground laboratory in Dresden, with a rock overburden of 45 m, has very low background in γ-ray detectors typical for nuclear astrophysics experiments when an additional active shield is used to veto the remaining muon flux. A used 5 MV pelletron tandem with 250 µA upcharge current and external sputter ion source is currently being refurbished for installation in Felsenkeller. Work on an additional radio-frequency ion source on the high voltage terminal is underway. The project is fully funded, and the installation of the accelerator in the Felsenkeller laboratory is expected for the near future.