Equinor Acquires Solar Developer Begreen
International energy company Equinor has agreed to acquire BeGreen, a leading North-West European solar project developer.
The company, which is currently owned by the Bregentved Group and members of its executive board, will become a fully owned Equinor subsidiary following the transaction. The current team and management will keep working on solar PV projects.
Since its inception, the BeGreen team has fully developed, sold, and delivered over 700MW of solar PV capacity. BeGreen currently has a project pipeline of over 6GW in Denmark, Sweden, and Poland at various stages of maturity, with an average project size of 300MW.
Equinor’s subsidiary Danske Commodities will commercialise future power from the BeGreen portfolio in the energy market, leveraging their extensive market presence and expertise to capture market opportunities.
Anders Dolmer, CEO, BeGreen, said, “With the new ownership, our financial capacity will significantly expand, allowing us to offer even more support to the green transition in Europe.
“For us, it’s a perfect match. Equinor and BeGreen share the same ambition, and we are both aiming for the highest standards for ESG and integrity. We want to expand solar energy as an inexpensive, stable and secure sustainable energy source that contributes to making Europe independent on energy supply.
“It has been essential for us to find a future ownership that appreciates the teamwork and entrepreneurship we consider the DNA of BeGreen’s highly skilled employees and cooperation partners.”
The BeGreen project portfolio is expected to deliver within Equinor’s expected range of 4-8% real base project return, including acquisition price, for renewables projects.
Source: Energy Ghana