Danish renewables developer European Energy is expanding its operations into the US market, announcing plans for a 300MW solar project in Texas.
The company is buying 1,276 acres of land southwest of Dallas that was previously used for oil and gas extraction. Construction of the plant will begin in the first half of 2022, with completion expected in 2023.
Knud Erik Andersen, CEO of European Energy, said that shifting political winds mean the company sees “a massive need for green energy” in the US, adding: “And Texas has recently been significantly challenged on security of supply. The solar farm will be optimally located in relation to providing green energy to the citizens of Texas.”
The company has also formed a joint venture with Florida-based solar developer Renewable Energy International that will focus on deploying PV several projects on the east coast of the US. The new business will have a 450MW solar pipeline across four states: Maine, Massachusetts, Virginia and South Carolina.
“We have long wanted to enter the American market for green energy and therefore been looking to find the right local partner,” Andersen said. “Renewable Energy International offers the right mix of competencies and experience that fits well with our need to be able to realise projects across several American states.”
The US expansion follows a 2020 that saw European Energy exceed its guidance, with a 38% year-on-year increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to €61.2 million (US$71.9 million). During the year, the company formed a joint venture to fund a 500MW solar and storage pipeline in the UK, and also completed a 103MW solar project in Italy.
In 2021, the firm is expecting to grow its EBITDA by at least 30% and construct more than 500MW of solar projects.