News, Press release

New credit agreement between Nordic Solar and Jyske Bank supporting energised Højby solar park

Nordic Solar and Jyske Bank have signed a three-digit million credit agreement concerning the Danish Højby solar park established on Funen by Nordic Solar.


New credit agreement between Nordic Solar and Jyske Bank supporting energised Højby solar park
Højby solar park, ©Niclas Jessen

The solar park was connected to the grid in the summer of 2023 and has since then produced large volumes of power. The solar park has a generation capacity of 32 MWp, which corresponds to the electricity consumption of 11,000 European households. The credit agreement is not only a seal of approval for the completed Højby project, which today is a fully operational renewable energy facility contributing to more solar power in the electricity grid. The agreement also reflects the importance of effective cooperation and tailored credit agreements between the banks and energy project developers if we want to power up the green transition. And an effective collaboration between Nordic Solar and Jyske Bank has, in particular, been crucial to the conclusion of the credit agreement concerning Højby solar park, which will be effective for as long as 20 years.

‘We are extremely pleased to have reached an agreement on long-term financing following a constructive and useful dialogue with Jyske Bank throughout the process. Our successful collaboration with Jyske Bank is an important step towards boosting the production of solar energy while also demonstrating that the funding of energy infrastructure projects is a significant part of the green transition. When developing, building and operating our solar parks, we have long-term, solid investments in mind and solutions that will last for many years. This is also the common starting point of the concluded credit agreement concerning Højby solar park, and we look forward to the partnership,’ says Holger Bang, Chief Investment Officer at Nordic Solar.

Jyske Bank is also pleased to have concluded a credit agreement with Nordic Solar, which contributes to the rollout of more renewable energy in Denmark.

‘We have had a great collaboration with Nordic Solar in finding the right financing solution for the park. They have succeeded in securing a large part of the park's future production volume through a PPA. As this has provided us with extra comfort in relation to the business case, we’ve been able to offer an advantageous credit agreement. Jyske Bank has great ambitions of contributing to the green transition, and the financing of this plant is another step towards our goal of supporting 5 TWh by 2025,’ says Claus Simonsen, Director of Renewable Energy at Jyske Bank.

Four power purchase agreements, PPAs, have been concluded with Danish enterprises for Højby solar park, each of which covers an agreement to purchase a portion of the electricity over a period of up to 11 years. Højby solar park has been designed and established with a focus on promoting biodiversity in the area through a number of initiatives that will help provide favourable conditions for animal and plant life in and around the solar park. The solar park uses a tracker system allowing the solar panels to move with the rays of the sun thus optimising energy production.