The drain is on the drivers side (Left hand drive) of the radiator. I did this recently and I took off the plastic shroud, but you might get by without. I removed my shroud since I had no idea where the drain was! Shroud removal is pretty straight forward.

When I drained my system, I all I could from this valve was about 1 gallon. The system holds anywhere from 2 gallons to 2.25 depending on who you listen to. My manual did not provide a quantity since it said the change was not necessary! Anyhow, I drained what I could and replaced it with distilled water. Ran the car a few miles, and then drained again, to repeat this process 4 times (collected 4 gallons). After draining that last time the fluid was still a very pale green, I topped off by adding a gallon and a little of the Volvo OEM.

A few cautions to mention. I was doing this on a hot system, and could have gotten burned easily, but I've done similar things before and was pretty cautious. I was also concerned by adding the cold fluid to a hot system and worried about warping something with the sudden coolness of the new fluid, so I added fluid in small increments.

Good luck, let us know how it goes!

Jerry
01 V70 T5