Novo Holdings A/S, the holding company of the Novo Nordisk Foundation, has entered into a partnership with European Energy. The partnership results in a joint venture that focuses on the modernization of a number of German onshore wind farms. This is stated by European Energy in a press release.
The wind farms in question were commissioned between 2002 and 2008, and since then wind turbine technology has improved significantly. Novo Holdings and European Energy plan to replace the outdated wind turbines in the 17 German wind farms with modern turbines that can generate significantly more renewable energy.
The existing wind farms have a total capacity of 151.9 MW, but the capacity is expected to more than triple after the upgrade. Once operational, the upgraded wind farms are expected to produce over 1,100 GWh of electricity annually, equivalent to the energy consumption of approximately 290,000 European households.
- We are excited to expand our excellent collaboration with Novo Holdings on so many renewable energy projects in Germany. With the increasing demand for electricity, driven by the electrification of German society, it is natural to install more efficient wind turbines in existing wind farms, says Jens Peter Zink, Deputy CEO of European Energy.
Expansion of collaboration
This is not the first time Novo Holdings and European Energy have collaborated. In 2021, they entered into a partnership with Sampension to develop solar and wind farms in Denmark and Sweden. This included the acquisition of land for renewable energy projects as well as an exploration of ways to combine energy production with biodiversity and climate benefits.
The new repowering projects in Germany build on this partnership and strengthen both parties’ shared commitment to promoting the energy transition and contributing to a more sustainable future.
- We are pleased to announce this investment in the onshore wind industry, which further underlines our commitment to supporting the transition to renewable energy sources. European Energy’s expertise in retrofit projects and Germany’s support for onshore wind create an attractive investment case that advances the renewable energy agenda and demonstrates the value of strategic partnerships, says Morten Beck Jørgensen, Managing Partner for Capital Investments at Novo Holdings.
The projects have already secured most of the necessary rights and are in advanced stages of development. They are expected to achieve construction-ready status between 2025 and 2027 and become operational between 2027 and 2030.
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