Norwegian renewables developer Hydro Rein and German investment company Commerz Real have agreed to acquire 362MW of solar PV projects in Denmark.
Through a joint venture, owned 50/50 between each companies, they have acquired two early phase projects – with a capacity of 170MWp and 192MWp – in Jylland, from Danish developer GreenGo Energy which will continue to develop the projects.
Construction of the two solar plants is expected to start in 2024 with commercial operations aimed for early 2026.
Moreover, both companies aim to grow the current portfolio of the joint venture to 1GW from GreenGo Energy’s utility-scale solar PV portfolio in Denmark, according to the Danish developer.
As the Danish solar market is growing rapidly – last year Denmark added 1.2GW of solar PV mainly through utility-scale – it is expected the country will reach 8GW of solar power capacity by 2030, according to Hydro Rein.
“The investment will diversify our Nordic portfolio in terms of technology and production, and we see great potential in combining wind and solar to help decarbonise major industrial players. Backed by strong governmental ambitions, we are looking forward to explore more opportunities in Denmark,” said Olivier Girardot, head of Hydro Rein.
Earlier this year, Hydro Rein collaborated with Macquarie’s Green Investment Group (GIG) on an hybrid solar-wind project in Brazil, with 130MW of solar PV capacity to be added in a second phase.