Danish renewables company European Energy has announced a plan to sell 49% of the stake of a 304MW solar plant in Denmark to Japanese conglomerate Mitsui.
Located in Aabenraa, the Kassø solar park is claimed by European Energy to be the largest of its kind in Northern Europe. The solar park will also accommodate an e-methanol facility with an annual production capacity of 42,000 tonnes, powered by the connected solar park and connected to the Danish transmission grid.
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The e-methanol facility will be operational in 2024.
European Energy said this transaction, subject to approval from Danish and EU authorities, could help accelerate its progress in the e-methanol industry, adding that the plant’s e-methanol production can decarbonise the heavy transport sector and replace methanol in plastic production with a lower-carbon alternative.
“By partnering with a significant global player like Mitsui, with an already substantial footprint in the methanol sector, we benefit from their extensive experience. Signing this deal is a testament that our strategy works, and we look forward to making large-scale production of e-methanol a reality,” said Knud Erik Andersen, CEO of European Energy.
Several companies, including Danish shipping and logistics company A.P. Moller – Maersk, toy production firm the LEGO Group, and healthcare business Novo Nordisk, will offtake the e-methanol, with delivery slated to begin in 2024.
Previously, Mitsui USA acquired a 110MWac PV project in Texas which will begin construction in 2024, with operations starting in 2025.