‘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

May 6, 2021
Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.
May 5, 2021
Europe’s solar industry has lauded the inclusion of a commitment to "re-ignite" Europe's solar manufacturing sector within the European Commission’s refreshed industrial strategy.
May 4, 2021
Spanish renewables developer and independent power producer (IPP) Grupo Ecoener has seen its shares slide on its market debut today.
PV Tech Premium
May 3, 2021
Companies are purchasing solar, wind, and other forms of renewable energy more than ever before. The power purchase agreement (PPA) market in Europe has grown to a cumulative capacity of over 12GW, with a record 4GW signed in 2020. Corporate climate commitments are opening doors for investment in renewable energy, and continued price declines are convincing companies to sign new contracts. Is the European market ready to fulfil its potential? By Dr. Mercè Labordena, senior policy advisor at SolarPower Europe, and Milena Koot, communications advisor at SolarPower Europe
April 28, 2021
Renewable energy group BayWa r.e. has opened what it claims is its largest PV warehouse in Europe yet in a bid to expand its distribution network in the continent.
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021