Building a solar park involves much more than just installing panels. It requires a complex interplay of technical innovation, stakeholder management, and – crucially – smart financing. Heldair II, a 25.6 MWp solar park near Den Helder, is a prime example. Thanks to close collaboration between Ecorus, ING, and Fastned, the financial close has recently been achieved, marking the official start of construction. Behind this milestone lies an intensive journey of putting together a complex financial puzzle to make the project a reality.
Heldair II is not your average solar park. Located near Maritime Air Base De Kooy and Den Helder Airport, it makes smart use of available land without compromising valuable space for housing or industry. What makes it unique is its direct link to sustainable mobility: the energy generated will be purchased by Fastned to power the growing network of fast-charging stations across the Netherlands.
The development and realization of the project are fully managed by Ecorus. As a specialist in large-scale solar parks, Ecorus is responsible for engineering, financing, construction, and operations. “We do everything in-house, from developing the business case to building the project itself,” explains Jochem Jansen, Investment Director at Ecorus. “This gives us full control over the process and allows us to optimize for energy yield, costs, and long-term resilience.”
To take the project from blueprint to reality, external financing was essential – and that’s where ING came in.
A trusted partnership as the foundation
The relationship between Ecorus and ING goes back several years. In 2016, the two parties closed their first deal for Solar Park Noordveen—one of the first projects where ING applied sustainable project financing. “Back then, we were still pioneering”, says Yves Kessels, Sustainable Project Finance Specialist at ING. “How do you finance a solar park in a way that works for both the bank and the developer? Noordveen was a pilot where we and Ecorus figured out how to structure project financing smartly.”
Since then, ING has financed several Ecorus projects, including a large portfolio of solar rooftops in 2021. “After working together for so many years, we know what we can expect from each other”, says Jochem. “What I value in ING is that they don’t just look at numbers -they look at the vision behind the project. Even in tough market conditions, they think with us and explore creative solutions.”
Yves agrees. “We really move forward as one team, and that’s reflected in how smoothly the process runs. When we began discussions about Heldair II in 2023, there was already a strong foundation of trust. That made all the difference when the business case changed due to market fluctuations. We were able to stay open and transparent, exploring alternative structures without slowing things down.”
“What makes this project special”, adds Jochem, “is that we’re building something bigger together – a real acceleration in the energy transition. Having a banking partner that understands and supports that mission truly makes a difference.”
New financing models for a changing market
The market has shifted significantly in recent years. Where subsidies and low interest rates once made solar parks financially viable, today’s landscape is shaped by rising costs, higher interest rates, and energy market volatility. In this new reality, it’s more important than ever to explore alternative revenue models and remain flexible with financing structures.
For Heldair II, that meant introducing an additional revenue stream to close the financing gap. The solution? A strategic Power Purchase Agreement (PPA) with Fastned, which will purchase the electricity for its fast-charging network.
This structure also introduced new considerations. Because the electricity will not be sold solely under the SDE++ subsidy but also via the PPA with Fastned, the agreement became a key element in the financing analysis. This meant that the project’s viability heavily relied on the terms of the PPA, requiring in-depth analysis and risk assessment.
In close collaboration with Ecorus, ING was able to offer a financing solution that enabled the project to move forward – without compromising its lending principles. “This was only possible by truly diving deep into Fastned’s liquidity management and long-term strategy”, says Yves. “We’re incredibly grateful that Fastned was willing to engage with us on that level. Their commitment clearly shows they’re serious about the energy transition. Without that, this project would have been much more challenging.”
Stakeholder collaboration at its best
Beyond financing, Ecorus had to align all stakeholders. “A project like this is a puzzle where everything has to fit: the technology, the legal framework, insurance, and the grid connection”, Jochem explains.
That puzzle was solved by a broad consortium of partners. From legal and technical advisors to grid operators and landowners, the success of Heldair II depended on close collaboration with Mobius Advocaten, Straightforward, Riskonet, Liander, Watt Infra, BarentsKrans, Solora, Airport Den Helder, the Ministry of Defence, Scholt Energy, the municipality, and local landowners.
“We’ve had countless conversations with everyone involved”, says Jochem. “Their patience over the years has been incredible, and we’re truly grateful that we can now bring this project to life.”
Looking ahead
Heldair II sets the tone for the future of solar energy, but the market remains uncertain. “Subsidies alone won’t cut it anymore”, Yves concludes. “We need hybrid models where developers, financiers, and energy buyers form smart partnerships.” With subsidies declining and new grid tariffs potentially being introduced, the pressure on future solar business cases will only increase. “That’s why it’s so crucial to work with the right partners”, Jochem adds. “Together with ING and all the other stakeholders, we tackled this project from start to finish with trust – and that’s reflected in the end result. Heldair II proves that with the right partnerships and a flexible financing strategy, sustainable energy projects can still succeed – even in a changing market.”
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