‘Historic’ agreement signed between Luxcara and BeGreen for 415MWp of Danish solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
BeGreen's solar sites include tree and bush planting and continued food production. Image: BeGreen

German asset manager Luxcara has signed an investment agreement with Danish solar developer BeGreen for four PV parks.

These are to have a total capacity of up to 415MWp, with the first delivery of electricity set for this year. Final completion of the portfolio is expected to occur in 2023.

BeGreen is to be responsible for the construction and O&M of the plants, which are to become part of a portfolio of renewable energy assets managed by Luxcara on behalf of institutional investors.

It marks the first solar project in Denmark for Luxcara, with two of the parks to be located in the municipality of Faxe and the other two in the municipalities of Vordingborg and Herning.

The asset manager currently has a portfolio of over 3GW across Europe and an investment volume of over €3 billion (US$3.6 billion).

Philip Sander, managing director of Luxcara, highlighted how this new solar portfolio is to be built without any government subsidies, with the electricity to either be sold to an offtaker through a long-term power purchase agreement or on the Nord Pool spot market, adding the company's focus remains on acquiring “high quality renewable energy assets throughout Europe”.

In 2019, Luxcara acquired a 121MW PV project in Spain set to start generation in 2020, as well as acquiring a 45MW site from Hive Energy in 2017. Like the potential plans for the four new sites, both of these projects are selling their energy generation to an offtaker through power purchase agreements (PPAs).

Describing the agreement with Luxcara as “historic”, Anders Dolmer, chairman of the Board of BeGreen, said the four new solar farms are “an important milestone for the integration of large-scale solar power as a cornerstone in the future Danish energy system”. He added that speed is “essential” to meeting Denmark’s 2030 goal of a 70% reduction in CO2e emissions.

BeGreen also assured that when choosing sites it always aims to reduce the impact on local landscapes, choosing flat land and planting trees and bushes. It also said that production of lamb meat, grass for protein extraction and biochar is to continue on the sites.

Read Next

November 23, 2021
Renewables developers and O&M provider RES has appointed two new chief executives to lead on its growth plans.
November 22, 2021
With operational solar assets in certain markets advancing in years, the question about when and under what circumstances to repower them is becoming increasingly common. Alice Grundy looks at the key drivers behind repowering PV.
November 17, 2021
Prices for solar modules in the US are expected to normalise following last week’s rejection of a petition surrounding alleged anti-circumvention of anti-dumping and countervailing duties (AD/CVD).
November 16, 2021
UK investment and asset management firm Low Carbon and US insurance company Massachusetts Mutual Life (MassMutual) have teamed up to build a global independent power producer (IPP) that has a stated target of 20GW of renewables by 2030.
November 16, 2021
PV Tech speaks to asset manager WiseEnergy’s Simone Mandica about how repowering can improve the commercial value of solar PV and what goes into the decision-making process.
November 15, 2021
A 1.35GW solar project in Turkey, said to the country’s largest, has received a US$291 million financing deal from the UK government to help proceed.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal