European Energy has set up a new mechanism to accelerate renewable projects across 10 Northern European countries.
The company established a new green financial facility for deployment of new solar and wind energy projects. The facility has entered into in accordance with European Energy’s Green Finance Framework.
According to the company, the €150m Portfolio-Financing facility has been secured in collaboration with the two Scandinavian banks SEB and DNB.
It has been expected that the latest development can invite paradigm shift for European Energy within construction financing. The funding can be applied to several projects simultaneously, the company stated, adding that it will enable the funding cycle going.
Flemming Jacobsen, vice president and head of group treasury and financial planning at European Energy was quoted in a statement, "We are thrilled to partner with SEB and DNB to launch this innovative facility. This marks a significant step forward in optimizing the financing process for our renewable energy initiatives in Northern Europe, ensuring that crucial projects can swiftly move from conception to execution."
The company shared that the initial tenure of this facility is for five years.
As per the plan, the first allocations will likely commence at the start of 2024.
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