German independent power producer Encavis AG announced that it has signed a partnership agreement with Danish project developer GreenGo Energy Group a/s concerning a 500 MW+ portfolio of utility scale subsidy-free solar projects in Denmark.
The parties have co-created an innovative full cycle partnership model where Encavis will acquire projects early on and ensure financing through to commercial operation date (COD), and where the parties are aligned on fully optimizing the project portfolio throughout the development and construction execution cycle.
Under the agreement, Encavis has secured exclusivity for a 500MW+ portfolio, structured to ensure sufficient risk mitigation through diversification across Denmark. The lead project, Project M01A, which has already obtained zoning approval and building permit in Ringkøbing Skjern kommune, is planned to commence construction this year in due course.
Dr Dierk Paskert, CEO of Encavis AG, commented on the perspectives:
“We are excited about this new partnership with GreenGo on the Mermaid portfolio of Danish solar projects. It is in synergy with our Fast Forward 2025 Strategy. We know Denmark very well already from our growing wind portfolio, so adding solar to the mix at this scale makes perfect sense. We look forward to further adding to the energy transition in Denmark.”
Karsten Nielsen, CEO of GreenGo said:
“We are proud of this new partnership with Encavis, a leading European IPP with an excellent track record. The agreement will ensure full cycle financing of more than 500MW of our rapidly growing Mermaid solar portfolio in Denmark. GreenGo is very well positioned to lead in this solar revolution in Denmark, and this without any request for subsidies. This based on its significant pipeline across Denmark with more than 70 solar projects totalling 2,000MW+ and growing, and its demonstrated ability to attract capital from tier1 institutional and renewable investors.”
Karsten Nielsen also added:
“Denmark is probably one of the most interesting solar markets these days.” Denmark’s ambitious goal to cut emissions 70% by 2030 “will help accelerate the energy transition and it will create a massive demand for electricity.”
Source: Press Release by Encavis AG and GreenGo Energy Group a/s. Photo credit: © GreenGo Energy Group a/s.