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

The financing will support the ongoing construction of the project, which combines 68 MW of solar generation with a 47.5 MW / 95 MWh battery energy storage system (BESS) connected to the grid through a shared connection. Commercial operations are expected to begin in 2027.

Solar generation and battery storage on one grid connection

Indian Queens is designed as a hybrid renewable energy project, combining electricity generation with battery storage. According to European Energy, this structure is intended to improve the use of grid infrastructure and increase operational flexibility.

Both the solar generation and the battery storage system will use a single grid connection, allowing the project to make more efficient use of the available grid infrastructure.

The project is backed by a corporate power purchase agreement (cPPA) for the solar generation and a Capacity Market Contract (CMC) for the BESS. European Energy said this structure combines contracted renewable generation with battery flexibility, supporting stable revenues while responding to evolving market requirements.

European Energy targets hybrid assets

The Indian Queens project forms part of European Energy’s strategy to develop hybrid renewable energy assets that combine generation and storage.

Jens Peter Zink, Deputy CEO at European Energy, said hybrid projects are becoming increasingly important in the renewable energy market. He added that integrating battery storage with solar generation can create more resilient and flexible energy assets while strengthening their long-term investment profile.

For European Energy, the financing also supports its ability to deliver large-scale renewable energy infrastructure across key European markets.

Danske Bank supports UK expansion

Danske Bank provided the £58.1 million construction financing for the project.

Jakob Hjørngaard, Senior Banker at Danske Bank’s Large Corporate Banking Denmark, said the bank was pleased to support European Energy with the Indian Queens financing. He described the transaction as reflecting Danske Bank’s commitment to the renewable energy market and its ambition to support Nordic clients expanding beyond Scandinavia.

Indian Queens reflects a project structure that European Energy says is increasingly sought after in the UK: combining solar generation with battery storage and securing revenues through a cPPA and a CMC for the BESS.

Operations expected in 2027

Once operational, the Indian Queens project will add renewable energy capacity in the UK while combining contracted revenues with operational flexibility.

The development is part of European Energy’s broader pipeline of solar and storage projects in Europe. The company said these integrated assets are designed to meet investor demand for de-risked renewable energy projects combining generation and storage.