In Denmark, GreenGo Energy has formed a joint venture to build 1 GW of utility-scale solar power during the following three to five years.
A partnership agreement has been signed by the developer with the joint venture between Hydro Rein and Commerz Real.
The parties intend to implement a total portfolio of 1 GW of utility-scale solar projects in Denmark from GreenGo Energy, which will need a joint venture investment of more than €600 million over the next three to five years.
The projected project portfolio’s total energy output is equivalent to roughly 4% of Denmark’s current annual electricity consumption.
According to the collaboration agreement, the joint venture would purchase projects from GreenGo Energy and offer funding from planning and development to commissioning.
The joint venture has already purchased the first two solar projects, which are scheduled to be put into service in 2026.
They consist of a 192W project in south Denmark and a 170MW project on Denmark’s west coast.
Initiation of construction is planned for 2024.
CEO of GreenGo Energy, Karsten Nielsen, said “Together with Commerz Real and Hydro Rein we can fully leverage the complementary capabilities of all the parties involved, leaning on the extensive experience in renewable investments and a strong industrial presence in the Nordic power market.”
“This first GW-scale partnership agreement for our Mermaid portfolio in Denmark is a big milestone, helping Denmark to accelerate the energy transition with significant impact well before 2030.”