GreenGo Energy partners with Commerz Real and Hydro Rein – targeting 1GW solar portfolio in Denmark

The parties target to execute a total portfolio of 1GWp+ from GreenGo Energy’s significant utility scale solar PV portfolio in Denmark, corresponding to an investment from the joint venture of more than 600 million EUR over the next 3-5 years. 

 

The total energy production of the targeted project portfolio corresponds to approximately 4% of Denmark’s total yearly electricity demand today, equivalent to the demand of +300,000 Danish households. Under the partnership agreement, the joint venture will acquire projects from GreenGo Energy and provide financing through development and construction to commissioning (COD). 

 

The first two solar projects have already been acquired by the Joint Venture, a 170MWp project located in on Denmark’s west coast and one 192Wp project in the south of Denmark. Construction is scheduled to commence in 2024, completion is expected for 2026. 

 

According to statements by the Danish government, all the electricity needed by the country is to originate from renewable sources by 2027. And the government targets a PV capacity of 20 GW by 2030 to reach the firmly set 2030 goals. 

 

Barkha Mehmedagic, Global head of Institutional Sales and Group Treasury at Commerz Real comments: ”The Danish investment market for photovoltaics is still relatively young and is seeing a correspondingly dynamic development. This offers the potential for growth and diversification for our institutional investors in particular“, and continues “With Hydro Rein and GreenGo Energy we also have experienced partners firmly rooted in the Scandinavian market by our side”. 

 

Olivier Giradot, CEO of Hydro Rein comments: ” We are proud to announce our very first investment in Denmark together with Commerz Real. This is also REIN’s first solar investment in the Nordics. The investment will diversify our Nordic portfolio in terms of technology and production, and we see great potential in combining wind and solar to help decarbonize major industrial players. Backed by strong governmental ambitions, we look forward to exploring more opportunities in Denmark”.

 

Karsten Nielsen, CEO of GreenGo Energy comments. “Together with Commerz Real and Hydro Rein we can fully leverage the complementary capabilities of all the parties involved, leaning on the extensive experience in renewable investments and a strong industrial presence in the Nordic power market. This first GW-scale partnership agreement for our Mermaid portfolio in Denmark is a big milestone, helping Denmark to accelerate the energy transition with significant impact well before 2030”. 

 

About GreenGo Energy 

 

GreenGo Energy was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy’s 360 full services platform includes origination, development, offtake, engineering, procurement, construction management, O&M and asset management services, fully tailored and bespoke to our client’s needs and investment profile. 

 

 GreenGo Energy now has more than 7.5GWp of solar and storage projects in various stages of development and construction in selected U.S. states and Northern Europe, of which more than 3GWp has been contracted through partnership agreements with tier 1 investors in the renewable space.