European Energy announces successful completion of international projects

Denmark-based European Energy develops, finances, constructs and operates wind and solar farms as well as large-scale PtX plants. With more than EUR 53.5 million in financing European Energy is set to start ramping up its Polish activities. The financing portfolio consists of five wind farms located in Poland with a total capacity of 44.675 MW.

"We are satisfied to have reached another milestone in Poland with the financial closing of our first project financing on five wind farms. With a substantial pipeline of wind and solar assets secured across Poland in our portfolio, we look forward to repeat this kind of successful financing in the future," says Jens-Peter Zink, Executive Vice President of European Energy. Construction on the parks started in 2021. Expected COD  will be in the first half of 2022.

Meanwhile, European Energy and 595° have entered into a multi-year PPA to supply green power from European Energy’s German wind portfolio to 595°’s production facilities in Germany. The agreement amounts to 80 GWh and will span over five years. The agreed quantity allows 595 to cover 100% of its German electricity consumption, thereby providing a major building block to the C02 neutrality achieved by 595°’ in 2022.

This deal shows the financial viability of European Energy’s portfolio of wind parks when German state-run EEG-subsidies have expired. “595° are thus directly contributing to keeping green assets in operation after the initial state support period is over”, says Gregor McDonald, Head of Energy Trading at European Energy.

595° in turn is delighted that they are now operating a Co2 neutral light metal foundry in Germany, “as foundries are not only businesses with a very high energy consumption, we are also operating in a country with some of the highest energy costs in Europe”, says Arne Amann, COO of 595°.