European Energy granted EUR-40m loan for new wind, solar

The Danish Green Investment Fund has granted a EUR-40-million (USD 47.7m) loan facility to fellow Dane European Energy A/S to support the construction of new wind and solar power projects.

The Fund’s financial involvement will help the renewables company roll out 750 MW of wind and solar projects by 2021 and a further 1 GW in 2022, European Energy said.

"When the Danish Green Investment Fund offers loans, it often works as levers for private investments. We often enter projects at an early stage and with a long term perspective, and in many cases it encourages banks and pension funds to join in. This way, a loan from our side can attract investments many times the size of the loan," Michael Zollner, managing director at the Danish Green Investment Fund, said in a statement.

The loan commitment follows European Energy’s recent announcement that it had secured municipal approval to install a 300-MW solar complex in Aabenraa, Denmark’s Southern Jutland region.

”The project in Aabenraa is not the only project in our project pipeline of this size and scale, and the loan facility from the Danish Green Investment Fund is most appreciated in our efforts to construct as much additional renewable power production as possible in order to mitigate fossil fuels from our power production as fast as possible," added European Energy CEO Knud Erik Andersen.

(EUR 1.0 = USD 1.193)

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