IPPs Greenvolt and European Energy have finalised financial deals for solar-plus-storage projects in Denmark and Latvia, while Olana and Energix have enlisted optimisers for BESS projects in Lithuania and Poland, respectively.
Greenvolt secures €35 million project finance for Denmark project
Ringkjøbing Landbobank has agreed a €35 million (US$40.6 million) project finance deal with independent power producer (IPP) Greenvolt for a solar-plus-storage project in Denmark.
The project pairs 97.36MW of solar PV with a battery energy storage system (BESS) of between 55-60MW in power and 110-120MWh in capacity. The BESS will increase the output of the PV plant.
The project in Høegholm is under construction and is expected to start operations in the first quarter of 2026, Greenvolt said. It would be larger than the current largest BESS in Denmark, a 30MW/43MWh unit completed by utility EWII in May, as well as a 45MWh project at which Eurowind Energy started construction in March.
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Greenvolt Group is headquartered in Portugal but active across Europe’s solar and storage space.
It is the largest private actor in the Polish storage market, having won the bulk of 2023’s capacity market (CM) BESS contracts there, and recently picked the supplier (BYD) and optimiser (Entrix) for its gigawatt-scale pipeline in the country. It is also won a contract for a large BESS in Italy’s long-awaited MACSE auction at the start of October.
European Energy divests 50% of Latvia plant
European Energy has partially divested a solar and storage project in Latvia to Sampension, one of Denmark’s largest pension funds.
The IPP has sold 50% of its 111MW Saldus project, pairing 65MW of PV and a 46MW BESS, to the pension fund. It will allow European Energy to recycle capital into new projects. Construction started in July 2025 and is expected to be completed in May 2026.
The Baltic region as a whole is currently a hotbed of BESS activity, with the market kickstarted by the region’s decoupling from Russia increasing the need for flexibility in the short-term, and lucrative ancillary service opportunities available for first-movers.
Latvia is aiming for 57% renewable energy electricity generation by 2030. The country’s first grid-scale BESS came online in November 2024 and state-owned utility and power generation firm Latvenergo announced plans to deploy 250MW/500MWh of BESS by 2030, in February.
Olana Energy enlists Capalo AI for Lithuania project
Also in the Baltics, Olana Energy has partnered with optimiser Capalo AI to maximise the revenues of a 70MW/140MWh BESS in Lithuania.
Capalo AI will trade and optimise the 70MW/140MWh Šalčininkai BESS project in Lithuania. The project is Olana Energy’s first BESS in Lithuania, and the optimisation deal follows its final investment decision (FID) on the project in September 2025.
The project is scheduled for commercial operation in Q4 2026. Upon commissioning, it will be integrated into Capalo’s Zeus virtual power plant (VPP) optimisation platform, which will manage the its participation across all Lithuanian markets: FCR, aFRR, mFRR, Spot and Intraday.
Axpo and Energix strike BESS optimisation deal in Poland
Also in optimisation news, Switzerland-headquartered power and trading firm Axpo will maximise the revenues of a BESS in Poland for owner-operator Energix.
Axpo will optimise a 24MW/56MWh BESS in Nowe Czarnowo, West Pomerania. The project is in the midst of commissioning and prequalification for the balancing market.
Axpo said that once a licence is obtained in January 2026 it will set a new benchmark for energy storage in Poland. Energix secured project financing from Santander Bank Polska for the BESS in June this year.
The BESS is near the Krajnik power station, where Energix wind and photovoltaic farms already in Axpo’s portfolio also operate. The two companies already have PPAs covering 300MW of wind and 40MW of solar PV.
Axpo will provide full commercial and technical-regulatory support to the BESS, integrating it with the wholesale and balancing markets and associated ancillary services.
The BESS contract sees a percentage split of profits generated by the storage facility between both parties. Additionally, the agreement covers needs that are essential from the perspective of an energy storage investor, such as handling of the capacity obligation and the prequalification to ancillary services market, Axpo said.
The ‘capacity obligation’ presumably prefers to the CM in Poland, which is generally being used as the bedrock of the business case for large-scale BESS in the country. However, Energy-Storage.news is not aware of Energix’ winning in the CM, but it may well have bid in projects under a different entity name or acquired one thereafter. Interestingly, Axpo and European Energy were named as owners of winning BESS projects.
European Energy also sold wind and solar projects to Energix Group in Lithuania in March 2025.
The news coincides with another Poland development: French renewables firm GreenYellow this week announced plans to invest €100 million (US$116 million) in Poland over the next three years to expand its installed solar and storage customer base, as reported by our sister site PV Tech.
