European Energy, in collaboration with the two Scandinavian banks SEB and DNB, has announced the establishment of a new financial instrument designed to accelerate deployment of new solar and wind energy projects across 10 Northern European countries.
The EUR 150 million Green Portfolio-Financing Facility will enable financing to a group of unnamed projects — as opposed to the usual, often cumbersome, project-by-project process. The initial tenure of this facility spans five years, with the potential for two 1-year extensions, potentially reaching a 7-year tenure. Additionally, an accordion increase mechanism is included, offering the possibility to elevate the facility amount up to EUR 250 million, with the participation of both existing and new lenders. The first allocations from this facility are expected to commence at the start of 2024.