Equinor acquires solar developer BeGreen

• The purchase includes a 6GW project pipeline to the business's renewable assets

Equinor has actually authorized an agreement to get BeGreen, a leading solar project designer in North-West Europe.

Currently had by the Bregentved Group and members of its executive board, the purchase will see the business become a completely possessed Equinor subsidiary. The present group as well as administration will certainly continue establishing solar PV projects.

Because it was developed, the BeGreen team has totally developed, offered and supplied solar PV capacity of more than 700MW. Since today, BeGreen has established a project pipeline in early to medium stages of maturity of over 6GW in Denmark, Sweden and also Poland, with an average project size of 300MW.

The future power from the BeGreen portfolio will certainly be commercialised in the energy market by Equinor's subsidiary Danske Commodities, using their comprehensive market existence and knowledge to record chances in the marketplace.

The BeGreen project portfolio is expected to deliver within Equinor's expected range of 4-8% genuine base project return for renewables projects, consisting of acquisition price.

" BeGreen stands for an important foundation to our industrial renewables setting in Europe, according to our ambition to be a leading firm in the energy transition," said executive vice-president for renewables in Equinor Pal Eitrheim.

" BeGreen has a proven performance history as a solar programmer as well as a solid project pipeline in attractive power markets. For Equinor, this is an action to deliver on our objective of being a market-driven power manufacturer."

Anders Dolmer, CHIEF EXECUTIVE OFFICER, BeGreen, included: "With the new possession, our monetary capacity will significantly expand, enabling us to use even more assistance to the green transition in Europe.

" For us, it's an ideal match. Equinor and BeGreen share the exact same ambition, as well as we are both aiming for the highest standards for ESG and integrity. We want to increase solar power as an affordable, stable and also protected lasting energy resource contributing to making Europe independent on energy supply.

" It has been important for us to locate a future possession that value the team effort and entrepreneurship we take into consideration the DNA of BeGreen's very knowledgeable workers as well as participation partners."