European Energy A/S and Mitsui have secured a green-financing bridge facility for their joint venture developing the solar park and e-methanol plant in Kassø, formally known as Solar Park Kassø (SPK). The agreement supports the continued operation on one of Europe’s most advanced Power-to-X projects and supports continued development of e-fuels for sectors where reducing emissions is particularly challenging.
The Kassø project combines large-scale renewable electricity generation with e-methanol production, serving as an example of how Power-to-X technologies can address decarbonisation in industries where direct electrification is not technically or economically feasible. Construction of the facility began in 2023, with the first batch of e-methanol delivered during the inauguration ceremony on 13 May 2025 to the container vessel Laura Mærsk, operated by key offtaker A.P. Moller – Maersk. Additional offtake agreements are in place with the LEGO Group and Novo Nordisk, among others.
The project has been designed to produce up to 42,000 tonnes of e-methanol annually, depending on operating conditions. The plant draws renewable energy from the adjacent solar park, ensuring traceable and regionally sourced electricity directly into the production process.
Nordea and SMBC acted as Bookrunners and Mandated Lead Arrangers with Nordea acting as Documentation Agent and Security & Facility Agent on the bridge financing package, which benefits from a partial guarantee provided by EIFO, continuing their engagement with the project.
The Kassø solar park, which began supplying electricity to the grid in 2023, remains one of the largest of its kind in Northern Europe. Its direct connection to the Power-to-X facility forms part of European Energy’s broader strategy to expand e-fuel production capacity in Denmark and internationally.
Jens Peter Zink, deputy CEO of European Energy says: 'Power-to-X projects such as Kassø demonstrate how renewable energy can be integrated into industrial processes that require low-carbon fuels or low-carbon raw materials for plastic products. The financing agreement supports operating and financing of e-methanol production in Denmark and contributes to the broader uptake of electrofuels among companies working to reduce emissions. Collaboration with Mitsui and long-term offtakers including A.P. Moller – Maersk, the LEGO Group and Novo Nordisk forms an important foundation for enabling this transition.'
Peder Bach, head of large corporates & institutions Denmark at Nordea adds: 'The Kassø e-methanol facility is breaking new ground and paving the way for decarbonisation in Europe. We are pleased to provide financial support and remain committed to investing and accelerating our presence within green financing for our core clients. We would like to extend a heartfelt thank you to European Energy A/S and Mitsui for a constructive collaboration and look forward to following the venture.'
Peter Boeskov, CCO large corporates at EIFO adds: 'Kassø illustrates precisely the type of project EIFO seeks to support over time. Our continued engagement reflects the project’s ability to showcase Danish innovation at scale and contribute to the commercialisation of Power-to-X solutions with global relevance. With mature technology, strong ownership and off-takers in place, the project creates the right conditions for scaling e-methanol and strengthening Europe’s energy resilience.'
