The battery project in Borup, which Nordic Solar began construction in the third quarter of this year, has a storage capacity of 5 MW/10 MWh and is expected to be completed by the end of the first quarter of 2025.
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." says Holger Bang, Chief Investment Officer at Nordic Solar.
“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 totaling 311 MW in its development portfolio by means of hybrid projects across European markets, where the company currently has operations in 13 countries.
