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 a GW in operation by 2021, 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.