European Energy A/S and Mitsui & Co., Ltd. have secured an interim financing agreement for the joint venture behind the solar park and e-methanol plant in Kassø. The financing is provided by Nordea and SMBC and is partially guaranteed by EIFO. The parties announced this in a press release.
This is a so-called 'bridge facility', which is intended to strengthen short-term liquidity while the owners continue to work on raising long-term project financing. The PtX plant in Kassø, which is formally under the company Solar Park Kassø, produced the first e-methanol in May 2025 and has an annual capacity of up to 42,000 tons depending on operating conditions.
The PtX project combines large-scale solar energy with the production of e-methanol and is targeted at sectors where direct electrification is technically or economically difficult. The e-methanol is produced based on renewable electricity from the adjacent solar park, which has been in operation since 2023. Customers of the e-methanol include A.P. Moller - Maersk, LEGO Group and Novo Nordisk.
- PtX projects such as Kassø show how renewable energy can be integrated into industrial processes that require low-emission fuels or raw materials. The financing agreement supports the operation and financing of e-methanol production in Denmark and contributes to the wider use of electrofuels among companies working to reduce emissions, says Jens Peter Zink, Deputy Director of European Energy.
Nordea and SMBC have acted as bookrunners and lead arrangers on the financing, with Nordea also acting as documentation, security and facility agent. EIFO continues to participate in the project with a partial guarantee for the financing.
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