Construction financing for the Snakes Meadow solar project supports European Energy’s continued development and investment activities in the UK renewable energy market.
- Jyske Bank provides construction financing for European Energy’s 57.4 MWp Snakes Meadow solar project in the UK
- The transaction is the first UK construction financing between European Energy and Jyske Bank
- European Energy is developing Snakes Meadow as part of its business model, with opportunities to bring in a long-term owner during the project lifecycle
European Energy has secured construction financing from Jyske Bank for the 57.4 MWp Snakes Meadow solar project in Bedfordshire in the East of England.
The transaction represents the first UK construction financing between European Energy and Jyske Bank and provides financing for the construction of a renewable energy asset that European Energy has developed to ready-to-build stage.
Jyske Bank is providing a construction financing facility with a total framework of DKK 291 million. The financing comprises a construction credit facility of DKK 255 million, equivalent to approximately GBP 29.4 million, together with an LC/guarantee facility.
'Snakes Meadow demonstrates how European Energy combines development, construction and financing to bring renewable energy projects forward and create assets that can attract long-term capital. Securing financing with strengthen our partnership with Jyske Bank, as we expand our activities in the UK and develop projects towards construction and potential transactions,' said Jens-Peter Zink, Deputy CEO European Energy.
European Energy currently owns 100 per cent of the project through Snakes Meadow Energy Centre Limited and will manage its construction. As part of its business model, European Energy may bring in a new long-term owner later in the project lifecycle, while continuing to oversee construction through completion.
The Snakes Meadow solar park will have an installed capacity of 57.4 MWp and is expected to generate approximately 62 GWh of renewable electricity annually, supporting approximately 20,000 UK households. Planning approval has been secured, alongside a 45 MVA grid connection at 132 kV.
'European Energy has developed a strong solar project with an attractive commercial structure. We are pleased to support the financing of Snakes Meadow, marking Jyske Bank’s first UK construction facility with European Energy. This transaction represents an important milestone in our long-standing relationship, and we look forward to continuing our successful collaboration with European Energy,' says Anne-Kathrine Primdahl, Senior Director, Commercial Banking, Jyske Bank.
Kromann Reumert acted as legal advisor to Jyske Bank.
Snakes Meadow is expected to enter commercial operation in 2027.
European Energy’s business model covers the full renewable energy project lifecycle, from development and financing through construction and operation. The company also brings institutional and strategic investors into projects at different stages, allowing capital to be recycled into the development and construction of new renewable energy assets.
The financing of Snakes Meadow gives European Energy the flexibility to move the project through construction while evaluating opportunities for a future transaction with a long-term owner.
Source: European Energy
