Danish renewable energy developer European Energy has been granted a €40 million (£36m) loan facility for the development of large-scale solar and wind projects.
The loan from the Danish Green Investment Fund will support European Energy’s ambition to construct 750MW of new green power capacity from solar and wind by 2021 and an additional 1GW in 2022.
The renewables developer has so far developed more than 100 wind and solar power projects totalling more than 1.6GW, with 500MW of capacity in Denmark alone.
Knud Erik Andersen, CEO at European Energy said: “We appreciate working together with the Danish Green Investment Fund, as their loan facility enables us at European Energy to accelerate the erection of renewable energy production in order to move faster on the mitigation of CO2 emissions. Most recently, we have seen the green light by the municipality of Aabenraa to build the biggest solar power facility in Northern Europe.
”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.”