Danish independent power producer (IPP) European Energy has secured £58.1 million in construction financing from Danske Bank for a UK solar-plus-storage project. The Indian Queens hybrid renewable energy project in Cornwall, at which European Energy started construction work in May of this year, and will pair 68MW of solar PV capacity with a 47.5MW/95MWh battery energy storage system (BESS). The company expects to start commercial operations in 2027 and Jakob Hjørngaard, Danske Bank senior banker in large corporate banking, Denmark, said the transaction reflects the bank’s “commitment to the renewable energy market”. The project already has a corporate power purchase agreement (cPPA) in place, and European Energy noted that its BESS component has secured a capacity market contract (CMC) with the UK government. “Hybrid projects are becoming an increasingly important part of the renewable energy market,” added Jens Peter Zink, European Energy deputy CEO.