Foreign investors seek Danish solar portfolio of up to 1GW

German investment firm Commerz Real and Norway’s Hydro Rein form a new joint venture with GreenGo Energy to invest more than EUR 600m in developing solar farms totaling up to 1GW – beginning with the JV buying two Danish solar projects.

BY MARIA OIEN, TRANSLATED BY DANIEL FRANK CHRISTENSEN

GreenGo Energy has entered a joint venture agreement with Commerz Real and Hydro Rein to invest big in Danish solar energy.

Getting started, the JV has now purchased two photovoltaic projects with combined capacity of 362MWp. Installation of both facilities is scheduled to begin in 2024, with commissioning set for 2026, the companies write in a press statement.

In the broader perspective, buying the two forthcoming solar farms marks the first step of partnership. In the longer term, the joint venture plans to buy projects from GreenGo’s portfolio, entailing up to 1GWp, equating to an investment of more than EUR 600m, GreenGo writes.

”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,” comments GreenGo Energy Chief Executive Karsten Nielsen in the media release:

”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.”

Commerz Real’s global head of Institutional Sales and Group Treasury Barkha Mehmedagic says it’s very pleasing to join forces with Hydro Rein and GreenGo Energy because of the two companies’ extensive experience and solid position in the Scandinavian market.

”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,” Mehmedagic says.

GreenGo says its PV portfolio’s output will correspond to 4% of Denmark’s annual electricity demand.

As recently as October, the Danish developer signed a deal with Nordic Solar to build a PF farm on the Danish island of Funen entailing up to 250MWp.

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