European Energy Secures EUR 64.5 Million To Power Denmark’s Kvosted Hybrid Solar-Plus-Storage Park, Combining 100 MW Solar With A 50 MW/200 MWh Battery

European Energy has finalised long-term financing for the Kvosted hybrid solar and battery park in Viborg Municipality, Denmark. This new financing ensures the continued operation of one of Europe’s largest solar-plus-storage projects and establishes a stable financial foundation for the asset’s long-term management and performance. The funding package totals EUR 64.5 million in senior debt, provided jointly by Ringkjøbing Landbobank and the Nordic Investment Bank (NIB), with backing from the EU’s InvestEU programme. Of this amount, Ringkjøbing Landbobank has contributed around EUR 43 million, while NIB has supplied EUR 21.5 million.

Kvosted is a fully integrated hybrid asset that brings together an existing utility-scale solar park and a 50 MW/200 MWh battery energy storage system. This combination allows the park to store surplus electricity produced during sunny periods and deliver it to the grid when demand and electricity prices are higher. The battery system also enables participation in flexibility and system services markets. As a result, the project reduces risks linked to curtailment and market price fluctuations, while creating a more stable and diversified revenue profile.

The solar park has been in operation since 2022 with an installed capacity of about 100 MW. The battery system was commissioned in December 2025, and the expanded hybrid facility was officially inaugurated in February 2026. The long-term financing demonstrates strong lender confidence in the project’s performance, the hybrid configuration, and the supporting regulatory environment. It provides greater certainty for future debt servicing and positions Kvosted as a mature, operational hybrid asset that could be suitable for long-term ownership or potential portfolio transactions.

European Energy’s Deputy CEO, Jens-Peter Zink, notes that the financing strengthens the project’s foundations and supports value creation over time, highlighting the strong collaboration with Ringkjøbing Landbobank and NIB that helped bring the initiative to fruition.

Jørn Nielsen, General Manager of Ringkjøbing Landbobank, adds that the bank has over three decades of experience financing renewable energy projects. He emphasizes that battery storage is becoming essential for balancing fluctuations between renewable energy production and electricity consumption, making it an important step toward Denmark’s climate goals. He also mentions the strong working relationship between the bank, European Energy, and NIB.

NIB’s President and CEO, André Küüsvek, underscores the broader impact of the project, explaining that pairing solar power with battery storage strengthens energy security in the Nordic–Baltic region while contributing to a smarter and more resilient clean energy system. The Kvosted project reflects European Energy’s wider strategy of integrating battery storage into its assets. The company currently has a development pipeline of more than 12 GW of battery projects across several markets, supporting various ownership models, partnerships, and potential acquisitions.