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.