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Danish renewable energy firm Greentech Energy Systems is planning to enter the US solar market after signing a joint venture agreement with UK-based solar investor Foresight Group.

Greentech will be the majority shareholder with a 51% stake whilst Foresight Group will hold the remaining 49% stake.

Initially, the companies plan to invest in up to 100MW of PV projects in the US through the joint venture as they seek to add business outside of the saturated European solar market.

The companies will explore and assess the feasibility of each individual PV investment including solar projects in operation as well as those under development.

Peter Høstgaard-Jensen, Chairman of Greentech, commented: “This is a great opportunity for Greentech future as an independent power producer to enter the USA solar PV market through a JV with a so important financial investor as Foresight. By entering the USA, which is one of the world’s most important and attractive renewable energy markets, Greentech will diversify out of Europe which is in line with the strategy of the company becoming a global independent power producer. The two companies together will create a solid and relevant US solar investment platform.”