From: Mercom India
European Energy, a renewable energy project developer, has secured £58.1 million (~$78.5 million) in construction financing for its Indian Queens hybrid renewable energy project in Cornwall, U.K.
The project comprises a 68 MW solar park and a 47.5 MW/95 MWh battery storage system. Construction is underway, with commercial operations expected to begin in 2027.
The financing from Danske Bank further strengthens European Energy’s ability to deliver large-scale renewable energy infrastructure across key European markets.
“The transaction also underlines our ambition to support our Nordic clients as they expand beyond Scandinavia,” says Jakob Hjørngaard, Senior Banker in Danske Bank, Large Corporate Banking Denmark.
The solar and battery storage facilities will share a single grid connection. European Energy said that combining generation and storage through a single connection enables more efficient use of grid infrastructure.
“Hybrid projects are becoming an increasingly important part of the renewable energy market. By integrating battery storage with solar generation, we are creating more resilient and flexible energy assets while strengthening their long-term investment profile,” says Jens Peter Zink, Deputy CEO at European Energy.
A corporate power purchase agreement backs the solar project, while the battery storage system has a capacity market contract. European Energy said the arrangements provide contracted renewable generation alongside battery storage flexibility.
The project forms part of European Energy’s broader pipeline of solar and storage developments designed to meet investor demand for de-risked, integrated energy assets in Europe.
In April this year, the company completed the divestment of the 470 MW Jonava renewable energy project in Lithuania to Energix – Renewable Energies, an independent power producer that develops and operates renewable energy projects.
Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A report.
Recently, Nadara, an independent power producer, has closed a pan-European refinancing valued at approximately €1.2 billion (~$1.4 billion) for a 1.5 GW portfolio of operating wind and solar assets. The transaction covers 47 renewable energy projects in Italy, the U.K., France, Spain, Sweden, Norway, and Finland.
