European Energy and EIG secure €130m funding for green energy construction

WCN Editorial Team 16 Aug 2021 EUROPE ENERGY & UTILITIES

Danish energy developer European Energy and EIG Global Energy Partners (EIG) have closed a €130m financing facility to support green energy construction.

The Portfolio Construction Facility will start funding the wind power projects in Lithuania.

European Energy has already commenced construction on projects with a combined capacity of more than 300MW in Lithuania this year.

The company also has a pipeline of projects with a combined capacity of more than 1GW under development in the country.

It stated that the financing facility is multijurisdictional, which means it may later be applied to fund projects in other countries and markets.

European Energy CEO Knud Erik Andersen said: “This financing is a milestone for European Energy and it is an essential step towards having the freedom to choose the right and value optimized solutions for renewable energy solutions across the markets that we operate.”

This year, the company has started building more than 1 GW renewable energy projects in various markets.

EIG managing director Simon Hayden said: “EIG is delighted to provide this flexible form of construction financing to support European Energy’s global growth plans in renewables.”

In June this year, European Energy commenced construction on 49.5MW Anyksciai wind farm in Anyksciai, Lithuania.

The wind project will be the company’s first wind farm in Lithuania and will be equipped with nine 5.5MW turbines of GE Renewable Energy’s Cypress platform turbines.

The plant will be connected to the grid by the end of this year.

Once operational, the wind farm is expected to generate enough electricity to power approximately 50,000 homes in the region.

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European Energy and EIG secure €130m funding for green energy construction. Credit: European Energy A/S.

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