ENCAVIS partners with GreenGo on 500 MW+ solar portfolio in Denmark
Hamburg, May 26, 2020 - Encavis AG (Prime Standard, ISIN: DE0006095003) is pleased to announce that it has signed a partnership agreement with GreenGo Energy Group a/s concerning a 500 MW+ portfolio of utility scale subsidy-free solar projects in Denmark.
The parties have co-created an innovative full cycle partnership model where Encavis will acquire projects early on and ensure financing through to COD, and where the parties are aligned on fully optimizing the project portfolio throughout the development and construction execution cycle.
Under the agreement, Encavis has secured exclusivity for a 500MW+ portfolio, structured to ensure sufficient risk mitigation through diversification across Denmark. The lead project, Project M01A, which has already obtained zoning approval and building permit in Ringkøbing Skjern kommune, is planned to commence construction this year in due course.
Dr Dierk Paskert, CEO of Encavis AG, comments on the perspectives:
"We are excited about this new partnership with GreenGo on the Mermaid portfolio of Danish solar projects. It's in synergy with our >> Fast Forward 2025 Strategy. We know Denmark very well already from our growing wind portfolio, so adding solar to the mix at this scale makes perfect sense. We look forward to further adding to the energy transition in Denmark."
Karsten Nielsen, CEO of GreenGo comments:
"We are proud of this new partnership with Encavis, a leading European IPP with an excellent track record. The agreement will ensure full cycle financing of more than 500MW of our rapidly growing Mermaid solar portfolio in Denmark." Karsten Nielsen, continues, "Denmark is probably one of the most interesting solar markets these days. The ambitious 70%/2030 goal will help accelerate the energy transition and it will create a massive demand for electricity. The Climate Partnership Of Denmark expects demand to growth to 71TWh by 2030, 2x compared to 2020, this coming primary from data centres, e-mobility, heat-pumps and Power2X. This is certainly a historic and game changing moment for Denmark, and probably the largest expected electricity demand growth rate pr. capita in the world. GreenGo is very well positioned to lead in this solar revolution in Denmark, and this without any request for subsidies. This based on its significant pipeline across Denmark with more than 70 solar projects totalling 2,000MW+ and growing, and its demonstrated ability to attract capital from tier1 institutional and renewable investors. A great example is this 500MW+ financing partnership agreement with Encavis AG. Going forward, the time is now to demonstrate that solar plus storage can be the new pillar of renewable energy generation in Denmark. Solar is disrupting on-shore wind and in particular off-shore wind in terms of pure LCOE. We believe, that everybody will realize this soon."
About GreenGo Energy Group a/s:
GreenGo was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo's 360 full services platform includes development, offtake, engineering, construction management, operations & maintenance and asset management services fully tailored and bespoke to its client's needs and investment profile. GreenGo has digitized and structured the execution process through IT systems, enabling efficiency and quality in all execution phases. GreenGo provides increased returns, convenience, influence and differentiation to their clients.
GreenGo now has 3,000MW+ of solar and storage project assets in various stages of development in selected U.S. states and Scandinavia, of this approximately 140MW in construction. Over the past 12 months, GreenGo has secured more than EUR 700 million (DKK 5.2 billion) in full cycle financing for its project pipeline, and the investor/client base continues to grow.
Encavis AG (Prime Standard; ISIN: DE0006095003 / WKN: 609500) is a producer of electricity from renewable sources listed on the SDAX of Deutsche Börse AG. As one of the leading independent power generators (IPPs). Encavis acquires and operates solar parks and (onshore) wind farms in ten European countries. The plants for sustainable energy generation generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). Within the Encavis Group, Encavis Asset Management AG specializes in the area of institutional investors.
Encavis AG's environmental, social and governance performance was evaluated by ISS-oekom, one of the world's leading ESG research and rating agencies and received the ISS-oekom Prime label.
Further information on the company can be found at www.encavis.com
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