Danske Bank Funds European Energy’s Indian Queens Hybrid Project

• European Energy wins GBP 58.1m from Danske Bank to build Cornwall’s 68MW solar and 47.5MW/95MWh battery hybrid project—backed by PPAs and capacity support, targeting 2027 operations.

European Energy secured GBP 58.1 million ($78.5 million, €68 million) in construction financing from Danske Bank for its Indian Queens hybrid solar and battery project in Cornwall, UK. The funding supports construction underway for a facility expected to enter commercial operations in 2027.

The project will pair a 68 MW photovoltaic plant with a 47.5 MW/95 MWh battery energy storage system, using a shared grid connection. European Energy said the co-location improves grid use and adds flexibility by integrating renewable generation with storage. Revenue is underpinned by a corporate power purchase agreement for solar output and a Capacity Market Contract for the battery’s role in supplying capacity. Danske Bank said the deal reflects its commitment to renewables and supports European Energy’s infrastructure development in international markets.

How will Danske Bank’s £58.1m finance accelerate European Energy’s Cornwall solar-plus-storage project?

• Danske Bank’s £58.1m construction financing directly funds the build-out of European Energy’s Indian Queens hybrid scheme, reducing the need for the developer to bridge costs and helping keep the project on schedule toward 2027 commissioning.
  
• The capital supports simultaneous delivery of both assets—68 MW of solar PV and a 47.5 MW / 95 MWh battery energy storage system—so neither component becomes a bottleneck for the overall development timeline.
  
• By underwriting construction rather than only long-term refinancing, the loan helps cover early-stage procurement and installation risks typical for solar-plus-storage projects, improving execution certainty through to commissioning.
  
• Financing a co-located system with shared grid connection helps unlock value from integrating generation and storage during construction, rather than deferring grid and integration works.
  
• The battery portion can be built to meet timing requirements that align with grid and market participation, strengthening readiness for revenue mechanisms tied to operational performance.
• The structure supports European Energy’s ability to scale hybrid projects across Europe by proving bankable financing for large-scale solar with substantial storage capacity in the UK market.
  
• The project’s revenue stacking—contracted arrangements for solar generation and for capacity—can reduce income volatility, which in turn makes it easier to justify construction capital for a hybrid asset class that combines energy and grid services.
  
• Danske Bank’s involvement signals confidence in renewable and storage infrastructure, which can improve follow-on financing prospects and contractor engagement as the project moves from construction into operations.
• The funding helps European Energy strengthen its operational pipeline in international markets by demonstrating that large, integrated solar-plus-storage projects can secure debt financing from major European lenders.