European Energy A/S and Mitsui & Co., Ltd. have secured a green bridge financing facility for their joint venture developing the solar park and e-methanol plant in Kassø, Denmark, formerly known as Solar Park Kassø (SPK). The financing agreement supports the continued operation of what is described as the world’s first large-scale e-methanol facility and lays the groundwork for long-term project financing.

The green bridge facility has been provided by Nordea and SMBC, with a partial guarantee from EIFO, and allows the joint venture to optimize short-term liquidity while progressing through an active process to secure long-term project financing.

The Kassø project combines large-scale renewable electricity generation with e-methanol production, serving as a concrete example of how Power-to-X technologies can contribute to decarbonisation in sectors where direct electrification is neither technically nor economically viable. Construction of the e-methanol plant began in 2023, and the facility produced its first e-methanol in May 2025.

The inaugural batch was delivered during the official opening ceremony on 13 May 2025 to the container vessel Laura Mærsk, operated by key offtaker AP Moller – Maersk. In addition to Maersk, offtake agreements have been signed with LEGO Group and Novo Nordisk, among others.

Designed for an annual production capacity of up to 42,000 tonnes of e-methanol, the plant is powered by renewable electricity supplied directly from the adjacent solar park. This setup ensures both regional sourcing and full traceability of the electricity used in the production process.

Within the financing structure, Nordea and SMBC acted as Bookrunners and Mandated Lead Arrangers, while Nordea also served as Documentation Agent and Facility and Security Agent for the bridge financing package. The facility benefits from a partial guarantee provided by EIFO, which continues its long-term commitment to the project.

The Kassø solar park, which began supplying electricity to the grid in 2023, remains one of the largest solar installations of its kind in Northern Europe. Its direct connection to the Power-to-X facility forms part of European Energy’s broader strategy to scale up e-fuel production capacity in Denmark and internationally.

Commenting on the development, Jens Peter Zink, Deputy CEO of European Energy, said that projects such as Kassø demonstrate how renewable energy can be integrated into industrial processes that require low-carbon fuels or feedstocks, including for plastic products. He added that the financing agreement supports both the operation and financing of e-methanol production in Denmark and contributes to wider adoption of electrofuels among companies seeking to reduce emissions, highlighting the importance of collaboration with Mitsui & Co., Ltd. and long-term offtakers such as AP Moller – Maersk, LEGO Group and Novo Nordisk.

Peder Bach, Head of Large Corporates & Institutions Denmark at Nordea, described the Kassø e-methanol plant as a pioneering project that helps lay the foundations for decarbonisation in Europe. He noted Nordea’s commitment to providing financial support and to expanding its role in green financing for key clients, while thanking European Energy and Mitsui & Co., Ltd. for their constructive cooperation.

For EIFO, Peter Boeskov, CCO Large Corporates, stated that Kassø exemplifies the type of project the organisation aims to support over the long term. According to Boeskov, the combination of proven technology, strong ownership and committed offtakers creates favourable conditions to scale up e-methanol production and strengthen Europe’s energy resilience.