Commerz Real, Hydro Rein to purchase Danish solar portfolio

• Investors agree 362MW purchase from designer GreenGo Energy

Commerz Real and Hydro Rein are to purchase a 362MW solar portfolio in Denmark from developer GreenGo Energy.

They comprise a 170MW project located on Denmark's west shore and a 192W project in the south of the nation.

Building is scheduled to commence in 2024 with appointing scheduled for 2026. GreenGo will certainly remain to create the projects up until the beginning of procedures.

The transaction is still based on approval by the Danish Business Authority, has been made under a freshly formed joint venture in between Commerz Real and also Hydro Rein.

They will look for to buy up to 1GW of GreenGo's solar advancements, which corresponds to a financial investment of EUR600m over the following three to 5 years.

GreenGo Energy has actually become part of a joint venture in Denmark to implement 1GW of utility scale solar over the next 3 to 5 years.

The complete energy production of the targeted project portfolio represents roughly 4% of Denmark's complete annual electricity demand today.

Karsten Nielsen, Chief Executive Officer of GreenGo Energy, said: "Together with Commerz Real and also Hydro Rein we can completely take advantage of the complementary capabilities of all the celebrations involved, leaning on the comprehensive experience in renewable investments and a solid commercial presence in the Nordic power market.

" This very first GW-scale partnership arrangement for our Mermaid portfolio in Denmark is a big milestone, assisting Denmark to increase the energy change with considerable impact well before 2030."

Barkha Mehmedagic, Global Head of Institutional Sales as well as Group Treasury at Commerz Real, said: "The Danish financial investment market for solar is still fairly young and also is seeing a correspondingly dynamic advancement. This provides the capacity for growth and also diversification for our institutional investors in particular.

" With Hydro Rein and also GreenGo Energy we also have experienced partners strongly rooted in the Scandinavian market by our side."