European Energy secures £58.1m financing for Cornish solar and battery project

European Energy has secured £58.1m in construction financing from Danske Bank for its Indian Queens hybrid renewable energy project in Cornwall..

 The financing supports the ongoing construction of the project, which combines a 68 MW solar park with a 47.5 MW / 95 MWh battery energy storage system. Commercial operations are expected to commence in 2027.

The project forms part of European Energy’s strategy of developing hybrid renewable energy assets that combine generation and storage to improve grid utilisation, increase operational flexibility and create more attractive long-term investment opportunities.

“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.

Jens Peter Zink

The financing from Danske Bank further strengthens European Energy’s ability to deliver large-scale renewable energy infrastructure across key 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,” says Jakob Hjørngaard, Senior Banker in Danske Bank, Large Corporate Banking Denmark.

Jakob Hjørngaard

Indian Queens reflects the type of asset increasingly sought after in the UK market: a solar project combined with battery storage, backed by a CPPA and CMC for the BESS. The structure provides both generation and flexibility, supporting stable revenues and aligning with evolving market requirements. The park is connecting both generation and storage on a single grid connection, making much more efficient use of the grid infrastructure. 

Once operational, the Indian Queens project will contribute to the UK’s renewable energy capacity while offering a combination of contracted revenues and operational 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.