European Energy has granted a loan of 40 million euros for new wind turbines and solar
November 27 (Renewables Now) – The Danish Green Investment Fund has granted a 40 million euro ($ 47.7 million) loan facility to colleague Dane European Energy A / S to support the construction of new projects wind and solar power.
The Fund’s financial participation will help the renewable energy company deploy 750 MW of wind and solar projects by 2021 and an additional 1 GW in 2022, European Energy said.
“When the Danish Green Investment Fund offers loans, it often functions as a lever for private investment. We often enter projects at an early stage and with a long-term perspective, and in many cases this encourages banks and pension funds to get involved. In this way, a loan from us can attract investments many times the amount of the loan, “said Michael Zollner, managing director of the Danish Green Investment Fund, in a statement.
The loan commitment follows European Energy’s recent announcement that it had obtained municipal approval to install a 300 MW solar complex in Aabenraa, in the Danish region of South Jutland.
“The Aabenraa project is not the only project in our portfolio of projects of this size and scale, and the Danish Green Investment Fund’s loan facility is greatly appreciated in our efforts to build as much production as possible. ‘additional renewable energy as possible in order to mitigate fossil fuels from our electricity production as quickly as possible, ”added Knud Erik Andersen, CEO of European Energy.
(1 EUR = 1.193 USD)