Equinor has been on a green acquisition spree in Denmark. The Norwegian company has thus agreed with the Bregentved Group on a full acquisition of the Danish developer of solar energy projects BeGreen. Equinor informs in a press release.
- BeGreen has a documented track record as a solar cell developer and a strong project pipeline in attractive electricity markets. For Equinor, this is a step towards fulfilling our goal of becoming a market-driven electricity producer, says Pål Eitrheim, executive vice president for Renewables at Equinor.
BeGreen currently has a fully developed, sold and delivered solar cell capacity of more than 700 MW. In addition, the company has a project pipeline in early to medium maturity stages of over six GW in Denmark, Sweden and Poland with an average project size of 300 MW. All employees in BeGreen will continue in the new ownership structure.
- Equinor and BeGreen share the same ambition, and we both aim for the highest standards of ESG and integrity. We want to expand solar energy as a cheap, stable and secure sustainable energy source that contributes to making Europe independent from energy supply, says Anders Dolmer, CEO of BeGreen.
Over the past years, Equinor has developed its position within onshore renewable energy, and the investment in BeGreen should be seen as a strengthening of this commitment.
- The acquisition of BeGreen is an example of how we selectively enter attractive markets through established companies characterized by high-quality teams, proven track records and strong project pipelines, says Olav Kolbeinstveit, senior vice president for power and markets in Equinor's Renewables division.
The energy from BeGreen will eventually be sold from Equinor's subsidiary trading company Danske Commodities. In the case of Equinor, the BeGreen portfolio is expected to yield a return of 4-8 percent including acquisition price.
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