European Energy has completed a long-term financing of the hybrid plant Kvosted in Viborg Municipality, which combines solar energy and battery storage. The financing is intended to support the continued operation and ensure a stable capital structure for the plant.
The financing consists of a loan of 64.5 million euros provided by Ringkjøbing Landbobank and the Nordic Investment Bank (NIB) with support from the EU's InvestEU program. Ringkjøbing Landbobank has made approximately 43 million euros available, while NIB has contributed 21.5 million euros.
- The financing of Kvosted supports the operation of the plant as an integrated solar and storage plant and provides a solid foundation for long-term value creation. We appreciate the strong collaboration with Ringkjøbing Landbobank and the Nordic Investment Bank to realize the project, says Jens-Peter Zink, Deputy CEO. CEO of European Energy, in a statement.
The Kvosted facility combines an existing solar park with a capacity of approximately 100 MW and a battery storage of 50 MW/200 MWh. The battery makes it possible to store electricity produced during periods of high solar production and deliver it when demand and prices are higher. The facility can also provide flexibility and system services, thereby reducing exposure to downregulation and price fluctuations.
- Ringkjøbing Landbobank has financed renewable energy projects for more than 30 years, and we are pleased to contribute to the financing of the new battery facility in Solpark Kvosted. We see battery technology as an important tool for managing imbalances between the production of green energy and electricity consumption and thus as a step towards Denmark's climate goals, says Jørn Nielsen, Area Director at Ringkjøbing Landbobank.
The solar park has been in operation since 2022. The battery solution was commissioned in December 2025, and the upgraded facility was officially inaugurated in February 2026. According to European Energy, the project is part of the company's broader strategy to combine solar energy with battery storage. The company has a development portfolio within batteries of more than 12 GW across several markets.
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