Norwegian energy company Equinor has acquired Danish solar developer BeGreen, strengthening Equinor’s solar PV portfolio and capabilities.
Following the transaction, BeGreen will be a fully owned subsidiary of Equinor, which was previously owned by the Bregentved Group and members of the executive board.
Present in Denmark, Sweden and Poland, BeGreen has fully developed, sold and delivered more than 700MW of solar PV capacity and has a project pipeline of over 6GW in early to medium stages of maturity.
Given its considerable pipeline of solar PV projects in Europe, the company expects to develop, build and operate 4GW of solar by the end of 2025.
Anders Dolmer, CEO at BeGreen, said: “We want to expand solar energy as an inexpensive, stable and secure sustainable energy source contributing to making Europe independent on energy supply.”
Moreover, future power from BeGreen’s portfolio will be commercialised in the energy market through Danske Commodities, an Equinor subsidiary, using its extensive market presence and expertise.
With the acquisition of BeGreen, Equinor continues its investment in local companies to expand its portfolio of renewables and storage development projects in Europe. It acquired Polish renewables developer Wento and its 1.6GW solar project pipeline last year.
Olav Kolbeinstveit, senior vice president for power and markets within renewables at Equinor, said: “The BeGreen acquisition 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.”