Low-background experiments with stable ion beams are an important tool for putting the model of stellar hydrogen, helium, and carbon burning on a solid experimental foundation. The pioneering work in this regard has been done by the LUNA collaboration at Gran Sasso, using a 0.4 MV accelerator. The present contribution reviews the status of the project for a higher-energy underground accelerator in Felsenkeller, Germany. Results from γ-ray, neutron, and muon background measurements in the Felsenkeller underground site in Dresden, Germany, show that the background conditions are satisfactory. Two tunnels of the Felsenkeller site have recently been refurbished for the installation of a 5MV high-current Pelletron accelerator. Civil construction work has completed in March 2018. The accelerator will provide intense, 50 μA, beams of ¹H⁺, ⁴He⁺, and ¹²C⁺ ions, enabling research on astrophysically relevant nuclear reactions with unprecedented sensitivity.