European Energy, a renewable energy project developer, has completed a long-term financing of €64.5 million (~$77 million) for the Kvosted hybrid solar and battery energy storage project in Viborg Municipality, Denmark.
Ringkjøbing Landbobank and the Nordic Investment Bank (NIB) provided the financing, comprising a senior debt structure, with support from the EU’s InvestEU program. Ringkjøbing Landbobank has committed approximately €43 million (~$51 million), while NIB has provided a €21.5 million (~$26 million).
Kvosted includes an existing 100 MW utility-scale solar project with a 50 MW/200 MWh battery energy storage system. The solar portion has been operational since 2022, and the hybrid project reached commercial operation in December 2025.
“Ringkjøbing Landbobank has financed renewable energy projects for more than 30 years, and we are pleased to contribute to the financing of the new BESS facility at Solar Park Kvosted. We see BESS technology as a crucial tool for managing imbalances between the production of green energy and electricity consumption – and thus as an important step towards achieving Denmark’s climate targets. We have a good collaboration with both European Energy and NIB, and the project in Kvosted is the latest addition to that partnership. We are proud to contribute our strong expertise in renewable energy,” says Jørn Nielsen, General Manager in Ringkjøbing Landbobank.
Previously, in October, European Energy agreed to sell a 50% stake in its 111 MW Saldus solar and battery project in Latvia to Sampension, a Danish pension fund organization. The Saldus project comprises a 65 MW solar project with a 46 MW battery energy storage system.
The company, in June 2025, secured financing of more than €70 million (~$80.72 million) to support the development and construction of two utility-scale solar projects in Australia.
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
