Investors in the Danish solar cell company Better Energy have approved the company's reconstruction plan in the Maritime and Commercial Court on Wednesday. Better Energy writes in a press release.
The company went into reconstruction in December 2024 to avoid bankruptcy. As part of the rescue plan, the investors have agreed to Better Energy's debt repayment being paused for five years. This will give Better Energy the opportunity to rebuild its operations and strengthen its long-term finances, it says.
- The arrangement reflects a joint commitment to a controlled and value-preserving reconstruction, writes Better Energy.
The company's total debt is 3.4 billion kroner. This is written by Finans based on the reconstruction plan, which has been sent to the Maritime and Commercial Court.
Better Energy's business model has been to build solar parks and then sell off half of the ownership to raise capital for new parks.
During 2025, the company has continued to operate its existing solar parks and completed five additional parks.
Changing business model
The market for green energy has been challenged during a period when interest rates have risen and supply chains have been under pressure. At the same time, demand for electricity has not grown in line with supply, which has resulted in lower electricity prices than expected.
As part of the restructuring, Better Energy has changed its strategy from investing in new energy projects itself to a service-based business model.
This should provide more predictable income and expenses without the direct risk associated with investments in green energy, it says. Several parties have had money problems in Better Energy. This applies, among others, to Sydbank, where the company has borrowed money.
In connection with the bank's annual accounts, which were published in February, it was announced that they had had to make a write-down of 446 million kroner as a result of Better Energy's reconstruction.
The state pension fund ATP has also lost a three-digit million amount.
/ritzau/
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