Japanese trading and investment firm Mitsui & Co Ltd will acquire 49% stake in European Energy's 304 MW Kassø Solar Park in Denmark that the latter touts as the largest solar project in Northern Europe that will power an e-methanol production facility on completion in 2024.
European Energy calls it the largest transaction to date for the company. It is subject to the approval of the Danish and European Union (EU) authorities.
Located in the Municipality of Aabenraa, the solar project will help produce 42,000 tons of e-methanol annually. Even before the facility can come online, AP Moller Maersk, the LEGO Group and Novo Nordisk have committed to offtake e-methanol from the project from 2024 onwards.
According to European Energy, the e-methanol facility will be powered by the connected solar park and connected to the Danish transmission grid, which will assist in balancing it. Excess heat produced from the hydrogen production will be used for district heating and provide heating for more than 2,000 households in the area.
To this partnership, Mitsui said it brings its experience in chemicals, renewable energy, shipping and other industries.
Mitsui's President and CEO Kenichi Hori added, "Mitsui will deepen its strategic partnership with European Energy through Kassø and target further collaboration in future business between two companies."
Siemens Energy is supplying a 50 MW electrolyzer plant for the e-methanol project. Earlier, the schedule required the e-methanol to be produced from H2/2023 (see Green Hydrogen For E-Methanol Production).
In June 2023, European Energy signed a memorandum of understanding (MoU) with Metafuels AG of Switzerland to develop and implement a sustainable aviation fuel (SAF) production plant in Denmark using the latter's proprietary aerobrew process. It will be used to produce e-SAF using feedstock from the Danish e-methanol facility of European Energy.