Danish energy company Nordic Solar has announced the successful signing of a credit agreement for its inaugural battery storage project in Borup, near Hillerød, north of Copenhagen. The agreement with Ringkjøbing Landbobank includes construction financing, which will transition into long-term project financing after grid connection.
The Borup battery storage facility, initiated in Q3 2024, will have a capacity of 5 MW/10 MWh and is set for completion by the end of Q1 2025. This marks Nordic Solar’s entry into the battery energy storage systems (BESS) market in Denmark, with plans to expand hybrid projects across Europe in the coming years.
Holger Bang, Chief Investment Officer at Nordic Solar, expressed satisfaction with the agreement, emphasizing its importance for scaling battery storage projects in Denmark and other European markets. “This collaboration with Ringkjøbing Landbobank has been exceptional. The agreement strengthens the framework for future BESS investments, which are poised to play a critical role in Europe’s energy transition,” Bang said.
Ringkjøbing Landbobank also highlighted the significance of the partnership in advancing renewable energy. “For over 30 years, we’ve supported financing renewable energy projects. This agreement, in collaboration with the European Investment Fund (EIF) and Nordic Solar, is a pivotal step in developing the nascent BESS market in the Nordics,” stated Dan Junker Astrup, Credit Manager at the bank.
Nordic Solar’s development pipeline now includes 311 MW of battery storage projects through hybrid models across 13 European countries. The company’s commitment underscores its role in supporting the continent’s shift towards sustainable energy solutions.
