European Energy and EIG Global Energy Partners (EIG) have closed a facility of EUR 130 million for green energy construction.
The Portfolio Construction Facility will start financing wind projects in European Energy’s rapidly growing renewables business in Lithuania. European Energy has started the construction of more than 300 MW in Lithuania in 2021 and has a development pipeline exceeding one GW in the country. The facility is multijurisdictional, meaning it may later be applied to finance projects in other countries and markets.
– This financing is a milestone for European Energy and it is an essential step towards having the freedom to choose the right and value optimized solutions for renewable energy solutions across the markets that we operate, said Knud Erik Andersen, CEO of European Energy.
European Energy has initiated construction of more than one GW renewable energy projects in various markets during 2021.
– EIG is delighted to provide this flexible form of construction financing to support European Energy’s global growth plans in renewables, said Simon Hayden, Managing Director of EIG.
EIG is a leading institutional investor to the global energy sector with $22.5 billion under management as of June 30, 2021. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 39-year history, EIG has committed over $38.0 billion to the energy sector through more than 373 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About European Energy
European Energy develops, finances, constructs and operates wind and solar farms as well as large-scale PtX plants. Based in Copenhagen, Denmark, the company has a strong track record as a renewable energy operator across its 18 countries of operation. European Energy expects to grid-connect more than 750 MW in 2021 with another +1 GW in 2022.