GreenGo Closes First-Phase Financing on a 1.2GW Project

GreenGo has successfully closed the Service Agreement concerning the first development phase of a 1.2GW solar project in a deregulated U.S. market.

The project will be the largest solar project in the U.S. producing 2.7 TWh of solar energy per year (or about 7% of Denmark’s total yearly energy consumption). The service agreement is closed with a group of Danish family offices and ensures funding to reach significant development milestones. The portfolio is built of 3-4 large utility scale projects in the same region to help drive LCOE and ensure maximum synergies in construction and O&M phases. Financial close is expected ultimo 2018 and COD through 2019/2020.

CEO Karsten Nielsen comments:

"This is a major GreenGo milestone, now reaching 1.2GW in full development in this specific region. We have integrated a local development team with more than 60 years of local development expertise within wind, solar and oil & gas. Our platform has been successfully established, which is foundational for the success of our projects.”

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.

GreenGo Appoints Kenn Righolt as new Group CFO

AS OF JULY 1ST 2017, WE ARE PLEASED TO HAVE KENN RIGHOLT AS NEW GROUP CFO AND AN INTEGRAL PART OF OUR EXECUTIVE MANAGEMENT TEAM.

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Kenn Righolt joins with more than 10 years of experience in the solar energy industry. He offers unique entrepreneurial background as the founder of Green Dealflow and Green Investors. In addition, he brings extensive experience in M&A and project financing from Ernst & Young and Proark, where he created one of the first large fund structures dedicated to utility scale solar. Furthermore, he has established a full CFO toolbox from 6 years of experience as the former CFO of McDonald’s Denmark.

CEO Karsten Nielsen comments:

“We are extremely pleased to strengthen our executive management team with Kenn Righolt on board. Kenn’s unique profile is much broader than that of a typical CFO, and he will surely contribute within project financing and business development also. The entrepreneurial background is a perfect fit with GreenGo culture and values“.

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.

GreenGo Appoints Jon Burke as new President Development, GreenGo US

As of February 1st 2017, we are pleased to have Jon Burke as President Development, US and part of our executive management team.

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Jon joins with more than 15 years of large scale solar and wind project development expertise in the U.S. Prior to joining GreenGo, he was VP of Development at Narenco, Senior Director and a pioneer of the company’s first solar project at APEX Clean Energy, and Business Development Manager at Shell within renewables. These extensive industry experiences involved full-cycle project management from origination to successful financial closure.

CEO Karsten Nielsen comments:

“We are extremely pleased to have Jon Burke on board to help us manage our significant scale in the US. This demonstrates our ability to recruit industry’s top talent that buy into the GreenGo vision, culture and values“

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.

GreenGo Appoints New Group COO to Strengthen Management

GreenGo appoints Jean Christophe Girouard as new COO with 10 years of global large scale solar project execution experience.

 

As of March 1st 2017, we are pleased to have Jean Christophe Girouard as new Group Chief Operating Officer.

JC has more than 10 years of top tier international PV experience as Senior Director of EPC and O&M, EMEA/APAC at SunPower Corporation. Prior to that, he was a Project Director at French Tenesol, which was acquired by SunPower in 2012. JC arrives with full cycle development and execution experience of more than 250MW of projects globally.

CEO Karsten Nielsen comments:

We are pleased to have JC on board to help us manage our significant scale in development, EPC and O&M activities.  The engineering background fits well with our technology savvy and rational culture. Solid experience in PV project Management, global execution team-building, process implementation and quality management is exactly what we need to succeed

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.

GreenGo Secures Full-Cycle Financing for 235MW Utility-Scale Solar Projects in North Carolina, US

GreenGo has successfully closed the first Full Service Agreement concerning greenfield development, EPC Management and Asset Management of a 235MW portfolio in North Carolina on behalf of one of the worlds leading Infrastructure funds.

 

The portfolio is built of more than 30 5MWac projects across various locations in North Carolina. Projects are expected to reach FC throughout 2017, 2018, and COD in 2018/2019 and they will secure GreenGo revenue streams throughout the development phase, construction phase, and O&M phase.

CEO Karsten Nielsen comments:

“This is an important GreenGo milestone, marking a successful strategic shift towards the U.S. and large scale 100MW+ utility scale projects developed to serve C&I client needs for renewable energy conversion. The future is about scale to maximize business and environmental impact for us and our clients.”

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.

GreenGo Opens US Operations Office in Charlotte, North Carolina

GREENGO HAS OPENED A U.S. OPERATIONS CENTRE IN CHARLOTTE, NORTH CAROLINA, TO SUPPORT THE RAPIDLY EXPANDING U.S. ACTIVITIES WITHIN LARGE SCALE SOLAR SOLUTIONS DEVELOPED FOR C&I CLIENTS AND LARGE-SCALE SOLAR PROJECT INVESTORS.

Locations of 200MW+ portfolio, North Carolina.

Locations of 200MW+ portfolio, North Carolina.

The GreenGo U.S. operations centre will manage U.S. business development, project development 360, EPC services, and O&M/AM services on behalf of our clients. Starting up with 5 employees, the operations centre is expected to scale up to 20-25 employees throughout 2017 and 2018.

CEO Karsten Nielsen comments:

“Charlotte was a natural choice with our strategic focus on South/East US and the significant pipeline of projects in development in North Carolina. Charlotte is furthermore one of the most prosperous cities in the US, a key consideration with our ambition of recruiting top talent with significant solar experience.“

 

About GreenGo Energy Group A/S

GreenGo Energy Group A/S was founded in 2011 with a vision to disrupt the century-old centralized utility-scale business models through disruptive full-service solar solutions.

GreenGo quickly obtained a market leadership position in the Nordics with MW solutions for blue-chip clients including IKEA, Porsche Holding, SEB, Danica Pension, and Pension Denmark.

Throughout 2015 and 2016, we have invested significantly in global expansion with a focus on the U.S. market. In close collaboration with our strategic project financing partners, we are currently developing more than 1.4GW in several U.S. states. In order to secure maximal business and environmental impact, we exclusively focus on large-scale 100MW+ solutions and target 100% RE conversion of the C&I clients.

GreenGo’s platform is a full-service solution including origination, development, engineering, construction, operations & maintenance, asset management, and project financing services. We continue to innovate and develop the full-service platform, business models, and disruptive products and services that drive disruptions in the cost of solar energy and create customer and investor convenience.

Our strategic focus lies on the business model that maintains positive cash-flow throughout project execution, avoids debt, and keeps solar assets off our balance sheet. In order to enhance our competitiveness and total earnings per Watt installed, we focus on developing project financing solutions that continuously lower cost-of-capital.

Furthermore, the paradigm going forward is what we call Solar 2.0: solutions that do not rely on government subsidies or incentives. We consider this essential for developing a sustainable growth platform.

Our organization currently consists of 30 skilled employees in Denmark, USA, and Mexico. More than 50% of these employees have an engineering background. The financial targets are ambitious, and we plan to have more than 2GW in operation by 2020, thus becoming a GW company.

GreenGo is owned by founders and financially strong Danish family offices, ensuring strong backing and a long-term view on the development of the company.