Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2022 11 08T060930Z 1 LYNXMPEIA7069 RTROPTP 4 DENMARK SOLAR - Business Express
FILE PHOTO: Norsk Hydro logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

Commerzbank, Norsk Hydro to invest 600 million euro into 1 GW of Danish solar

By Nora Buli

OSLO (Reuters) – A joint venture of subsidiaries of Germany’s Commerzbank and Norway’s Norsk Hydro will invest 600 million euros ($599 million) to build 1 gigawatt (GW) of solar capacity in Denmark, project developer GreenGo said on Tuesday.

The total energy production of the targeted project portfolio corresponds to around 4% of Denmark’s annual electricity consumption, enough to power more than 300,000 Danish households, GreenGo Energy said.

Under the partnership agreement, which covers investments over the next three to five years, Commerz Real and Hydro Rein will acquire projects from GreenGo Energy and provide financing through development and construction to commissioning (COD).

The joint venture has already bought two projects totalling 362 megawatts (MW), which are scheduled for commissioning in 2026, GreenGo Energy said.

The Danish government is targeting 100% renewable energy for the country’s power consumption by 2027, and a solar power capacity of 20 GW by 2030.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The deal marks Hydro Rein’s first investment in Denmark as well as its first foray into solar power in the Nordics, its chief executive Olivier Giradot said in a statement.

The GreenGo Energy deal marks the second investment for Norwegian investors into Danish solar developers this month, after energy firm Equinor agreed to buy BeGreen.

($1 = 1.0015 euros)


(Reporting by Nora Buli; Editing by Emelia Sithole-Matarise)


Recent Post: