Executive Summary

• European Energy’s recently announced £58.1m in funding, for the Indian Queens hybrid renewable energy project in Cornwall, will support the ongoing construction of the project, which began in May
• The project combines 68 MW of solar generation with a 47.5 MW / 95 MWh BESS on a shared grid connection
• Hybrid projects ‘are becoming an increasingly important part of the renewable energy market,’ said Jens Peter Zink, deputy CEO at European Energy

European Energy, a developer of renewable energy projects across solar, wind, battery storage and power-to-X, has announced £58.1 million in funding is to be allocated for the Indian Queens hybrid renewable energy project in Cornwall.

The project combines 68 MW of solar generation with a 47.5 MW / 95 MWh battery energy storage system (BESS) on a shared grid connection.

The financing, provided by Danske Bank, will support the ongoing construction of the project, whose hybrid structure will integrate contracted renewable generation with battery flexibility, creating an attractive long-term infrastructure asset.

In May, European Energy announced that the construction phase had begun on the project. Offtake for the solar had already been secured. At the time, the company’s vice president and head of UK and Ireland, Mark Evans, said Indian Queens reflected ‘the type of asset increasingly sought after in the UK market’; a solar project combined with battery storage backed with a corporate power purchase agreement and a capacity market contract for the BESS.

For European Energy, the project forms part of its broader pipeline of solar and storage developments, designed to ‘meet investor demand for de-risked, integrated energy assets in Europe’.

“Hybrid projects are becoming an increasingly important part of the renewable energy market. By integrating battery storage with solar generation, we are creating more resilient and flexible energy assets while strengthening their long-term investment profile,” said Jens Peter Zink, deputy CEO at European Energy.

“We are pleased to support European Energy with the financing of Indian Queens, reflecting Danske Bank’s commitment to the renewable energy market. The transaction also underlines our ambition to support our Nordic clients as they expand beyond Scandinavia,” said Jakob Hjørngaard, senior nanker in Danske Bank, Large Corporate Banking Denmark.

The project is scheduled to be grid-connected in the first half of 2027.

Image: European Energy’s Bubney solar farm, near Liverpool. Picture credit: European Energy