Nordic Solar enters into major credit agreement with Ringkjøbing Landbobank on a double-digit million amount for its first BESS project in Denmark

Having deployed the first battery storage project in the Danish market, and with a pipeline of battery development projects across markets in Europe as part of a plan to significantly increase the share of hybrid projects in its portfolio over the next few years, Nordic Solar is very pleased with the recently concluded credit agreement.

"It’s an important agreement we’ve entered into with Ringkjøbing Landbobank on our first Danish battery project, and we’re very pleased that it’s now been concluded. We’ve been extremely satisfied with our collaboration on the financing and found Ringkjøbing Landbobank, throughout the process, to be a highly competent business partner who is well-versed in the BESS market. To ensure scaling and the continued roll-out of battery storage projects in the Danish and other markets, it’s crucial that energy producers and financial partners can enter into agreements that focus on strengthening the conditions which, also in future, will make BESS investments attractive as we expect these to play an increasingly prominent role in the European energy market," says Holger Bang, Chief Investment Officer at Nordic Solar.

Ringkjøbing Landbobank is also satisfied with the agreement, which helps batteries gain ground as a new addition to investments in renewable energy projects in Denmark and other countries.

“For more than 30 years, Ringkjøbing Landbobank has contributed to financing renewable energy in connection with the green transition. We see the development of the BESS market as an important step in the development at a time when the profile risk of renewable energy production is increasing. The BESS market in the Nordics is still in its infancy, and we are therefore pleased to have successfully concluded this credit agreement in collaboration with EIF (European Investment Fund) and Nordic Solar", says Dan Junker Astrup, Credit Manager at Ringkjøbing Landbobank.

At the end of Q3 2024, Nordic Solar will have battery storage projects totalling 311 MW in its development portfolio by means of hybrid projects across European markets, where the company currently has operations in 13 countries.

For more information, please contact:
Head of Communications & Marketing, Maria Jørvad, Nordic Solar A/S
Tel. +45 20 96 53 79, [email protected] (mailto:[email protected])

About Nordic Solar A/S

Nordic Solar is a Danish solar energy company which develops, constructs and operates utility-scale solar parks across Europe. Since its establishment in 2010, the need and the market for renewable energy have increased sharply, and Nordic Solar intends to play a key role in the energy transition. The company is owned by approx. 725 shareholders and employs more than 140 employees. Today, Nordic Solar operates solar parks with a total capacity of almost 500 MWp across Europe and has projects under development and under construction of approx. 2.8 GWp. Read more at www.nordicsolar.eu

About Ringkjøbing Landbobank A/S

Ringkjøbing Landbobank A/S is a Danish regional full-service bank with a loan and guarantee portfolio of approximately EUR 7 billion. The bank focuses on both private and corporate customers, primarily SMEs, in West, Central and North Jutland and on niches such as private banking and renewable energy, in relation to which the bank demonstrates particularly strong skills. Ringkjøbing Landbobank is a client-focused relationship bank that operates on the basis of the core values of being competent, decisive and proper. Since its inception in 1886, the bank has focused on credit and cost management.