- Better Energy and Industriens Pension expand their solar energy partnership to build an additional 1 GW+ in Denmark, Poland and Sweden
- It will be realized for an investment of over €800 million in the form of around 15 projects
- Altogether, they aim to install close to 2 GW PV capacity through 36 solar parks in these regions by 2024-end
Danish solar projects developer Better Energy and pension fund Industriens Pension are expanding their existing partnership to invest an additional of over €800 million for the construction of around 15 new solar parks in Denmark, Sweden and Poland that will represent more than 1 GW combined capacity.
These projects will be over and above the target to install 1 GW subsidy free solar parks in Denmark and Poland for a total investment of DKK 4 billion, announced in December 2020 (see 1 GW Subsidy Free Solar Partnership For Europe).
Better Energy said the 15 additional solar parks are targeted to become operational by 2024-end, taking the number of solar PV parks under their 2 partnerships to 36 with an annual capacity of around 2 GW. The duo has so far invested in 21 solar parks for €670 million construction costs.
Both the investors will each own 50% of the aggregate with Better Energy also providing development, construction, operation services and will be responsible for sale of energy from these parks.
“The new joint investment will accelerate the deployment of renewable energy in Denmark, Sweden, and Poland,” said CIO of Industriens Pension, Peter Lindegaard. “The new parks will be another step towards ensuring a more independent energy supply, and they have a very good climate effect per EUR invested. At the same time, we expect the solar parks to provide satisfactory, long-term returns, so we are excited about the investment for several reasons.”
Better Energy says this partnership ‘currently represents the largest independent producer of solar energy in Northern Europe, and the partnership is also behind the largest PV investments in Denmark’.
It will especially support the developer’s efforts to develop subsidy-free large-scale solar parks in fossil-fuel dominated Poland. Better Energy has already built 5 large scale PV projects here with 240 MW combined capacity, and is securing more to build over 1 GW pipeline. Energy generated will be sold under power purchase agreements (PPA).
In December 2022, Better Energy secured ATP, the ‘biggest’ pension fund in Denmark as one of its shareholders with approximately 15% stake. ATP invested an undisclosed high 3-digit million amount in the Danish developer.