The two early phase projects, with an estimated total annual production of 522 GWh, are located in Jylland, Denmark. A 114 MW project is expected to start construction in 2025 and begin operations in early 2026, while the second project for a 296 MW project is expected to start construction in 2026 and begin operations in 2027. The projects will be fully owned by Hydro Rein and be developed by Hydro Rein and GreenGo Energy in collaboration.
“We are pleased to announce that we are increasing our presence in Denmark and strengthening our collaboration with GreenGo Energy, leveraging our competence, and gaining valuable synergies across the portfolio. Denmark has set a clear ambition to source 100 percent of its electricity from renewables by 2027. We are very happy to work together with the municipalities to contribute to that agenda,” says Lisa Haukaas, Head of Sweden and Denmark in Hydro Rein.
“This significant agreement concerning a 410 MW solar portfolio in Denmark marks our third partnership agreement with Hydro Rein. We are very pleased to see this expansion of our partnership with Hydro Rein to GW scale. With Hydro’s financial strength, experience in renewable investments and strong industrial presence in the Nordic power market we will together have a great and scalable platform,” says Karsten Nielsen, CEO of GreenGo Energy.
Hydro Rein and GreenGo Energy now collaborate on a total of 6 projects. In December 2022, the companies announced a joint venture with CommerzReal to develop two other solar projects in Denmark, with a total capacity of 362 MW. In May 2023, Hydro Rein and GreenGo Energy announced two joint solar projects in Southern Sweden, with a total capacity of 118 MW.
Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 26 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century long track record in building industries that matter.
GreenGo Energy was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy’s 360 degree full services platform includes origination, investment structuring, development, offtake, EPC management and asset management services, fully tailored and bespoke to our client’s needs and investment profile.
GreenGo Energy has 19 GW of solar, wind and P2X projects in various stages of development and construction in seven US states and in Northern Europe, of which more than 4.5 GW has been contracted through partnership agreements with Tier 1 investors in the renewable space.
Published: July 19, 2023
