Hydropower AS secured CHF 4.5M in construction financing through Frigg’s platform to develop a 9.8 MW solar + 1.1 MW battery storage facility — now one of Norway’s largest ground-mount solar parks.

The challenge

Ove and his team at Hydropower AS had ambitious plans: transform a single 2.2 MW operational solar site in Vikersund into a major solar installation of 9.8 MW combined with 1.1 MW (2.2 MWh) BESS (battery energy storage system). Like many small developers, they needed construction financing that could support multiple project phases while the initial asset was already generating revenue.

Traditional financing routes meant lengthy due diligence, complex negotiations across multiple lenders, and months of delays. For a developer ready to build, time was capital.

The solution

Hydropower AS turned to Frigg to structure and secure senior debt financing collateralized across their entire Vikersund portfolio:

• Vikersund Solarpark – 2,200 kW (operational)
• Vikersund Solarpark Extension – 7,600 kW (under construction)
• Vikersund BESS – 1,100 kW (2,200 kWh)

Total capacity: 9,800 kW solar + 1,100 kW (2,200 kWh) BESS

Total loan-to-value: 60-70%

Financing secured: CHF 4.5M

Frigg’s platform streamlined the financial analysis, documentation, and investor matching—compressing what typically takes 12-18 months into a matter of weeks.

The results

Today, the Vikersund solar park stands as Norway’s largest ground-mount solar installation, generating clean energy and demonstrating what’s possible when capital flows efficiently to quality projects.

“Frigg has been a key partner in bringing the Vikersund project from idea to operation. The collaboration has been efficient, solution-oriented, and built on trust—and we’re already working together on the next phase.”

What’s next?

The partnership doesn’t end at financial close. Frigg is now working with Hydropower AS to expand the site with more projects, such as additional BESS units and other renewable assets.