European Energy (renewable energy company) has closed a USD 78.43 million construction financing deal with Danske Bank to fund the development of its Indian Queens hybrid renewable energy project in Cornwall, United Kingdom, the Danish developer announced on 11 August 2026.

Project Specifications and Timeline

The Indian Queens project combines a 68 MW solar park with a 47.5 MW battery energy storage system carrying a capacity of 95 MWh. Both the generation and storage components will connect to the grid through a single shared connection, a design European Energy says makes more efficient use of existing grid infrastructure. Construction is currently underway, with commercial operations expected to commence in 2027.

The project is backed by a corporate power purchase agreement, known as a cPPA, covering the solar generation side, alongside a capacity market contract for the battery energy storage system. European Energy describes this combination of contracted revenue streams as providing both generation income and operational flexibility.

Strategic Rationale for Hybrid Development

The Indian Queens project sits within European Energy's broader strategy of pairing renewable generation assets with battery storage. The company has positioned hybrid projects as a growing priority, arguing that combining solar output with storage capacity improves how the grid is utilised, increases the flexibility with which power can be dispatched, and makes the resulting assets more attractive to long-term investors.

Jens Peter Zink, Deputy CEO at European Energy, said the hybrid model is gaining traction across the sector. "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," Zink said.

European Energy described Indian Queens as representative of the type of asset that is increasingly sought after in the UK market, where developers and investors are looking for projects that can deliver both contracted renewable generation and grid flexibility within a single operational structure.

Danske Bank's Role and Broader Ambitions

The financing from Danske Bank marks another step in the Danish lender's participation in renewable energy infrastructure outside Scandinavia. Jakob Hjørngaard, Senior Banker in Danske Bank's Large Corporate Banking division in Denmark, said the transaction reflects two overlapping priorities for the bank: its commitment to the renewable energy sector and its intention to follow Nordic clients as they expand their operations into wider European markets.

"We are pleased to support European Energy with the financing of Indian Queens, reflecting Danske Bank's commitment to the renewable energy market. The transaction also underlines our ambition to support our Nordic clients as they expand beyond Scandinavia," Hjørngaard said.

The deal represents a cross-border financing arrangement, with a Danish bank providing sterling-denominated construction debt for a project being built in the southwest of England by a Copenhagen-headquartered developer.

UK Market Context and Revenue Structure

The Indian Queens project is structured to align with what European Energy characterises as evolving requirements in the UK energy market. The combination of a cPPA for the solar component and a capacity market contract for the battery storage system is designed to provide revenue stability across both sides of the asset, reducing the risk profile for investors and lenders.

By connecting both the solar park and the battery system through a single grid connection point, the project avoids the need for two separate connection agreements, which European Energy says constitutes a more efficient use of grid infrastructure at a time when connection capacity in the UK is under significant pressure.

Once operational, the project will add to the UK's installed renewable energy capacity through a combination of direct solar generation and the battery system's ability to store and dispatch electricity in response to grid conditions.

European Energy's Pipeline and Investment Position

European Energy described the Indian Queens project as part of a broader pipeline of solar and storage developments the company is advancing across Europe.

The company has framed this pipeline as a response to investor demand for what it calls de-risked, integrated energy assets, meaning projects that combine predictable contracted income with the operational flexibility that storage provides.

The USD 78.43 million in construction financing secured from Danske Bank gives European Energy the capital needed to continue building out the Cornwall site through to its anticipated commercial launch in 2027. The company said the financing further strengthens its ability to deliver large-scale renewable energy infrastructure across key European markets.

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