GreenGo Energy enters the German market in a 500 MW partnership with Encavis AG
GreenGo Energy with market presence in USA, Europe and Northern Africa now expands into Germany with the strategic partner, Hamburg-based Encavis AG. The new 500 MW partnership in Germany adds on to the existing 600 MW late-stage project portfolio in Denmark.
“This new framework agreement with our strategic partner, Encavis AG, securing 500 MW of solar projects in Germany, stands as a cornerstone of our ambitions in the European market. It represents the logical next step for us to expand our proven and highly successful partnership model with Encavis into Germany where we are rapidly expanding our footprint and project pipeline. This agreement will take our joined project portfolio to the next level at a total of more than 1.1 GW", says Managing Director of GreenGo Energy in Germany, Stefan Degener.
The Partnership with Encavis AG began back in 2019. Most recently, the two partners announced “Ready-to-Build” status for one of Denmark's largest solar parks, Nørhede-Hjortmose near Ringkøbing in Denmark (read more).
“Together with GreenGo Energy, we have been able to realise more than 280 MW of solar generation capacity in Denmark in around two and a half years, some of which have already been connected to the grid. We now want to continue this track record of success together with our partner’s rapidly growing location in Germany,” says Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO) of Encavis AG.
In Germany, government plans are to establish 140GW of solar energy by 2030 as a part of the climate and energy transition strategy “Energiewende” aiming at replacing coal, nuclear power, and gas with renewable energy sources. The goal is to reach net zero by 2045. Thus, the German market is prosperous with opportunities to pursue for both solar, wind, battery energy storage, hybrid and Megaton opportunities going forward contributing to a full energy transformation.
“The German market is clearly one of the most promising and politically committed transition markets in Europe today for solar energy but also for wind, battery energy storage and Hydrogen”, says Karsten Nielsen, CEO of GreenGo Energy.
“After years of preparation and establishing ourselves in Germany in 2022, we are happy and proud to announce our first partnership agreement here. It is an important milestone on an important market. The 500 MW partnership in Germany with Encavis demonstrates the scalability of our unique 360-degree full-service platform and partnership approach", Karsten Nielsen continues.
With the new announcement, GreenGo Energy has a total of 27 GW of solar, wind, BESS and P2X projects in various stages of development and a total of 5 GW of partnership framework agreements with Tier1 investors in renewable energy.
About Encavis AG
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to more than 3.5 gigawatts (GW), of which more than 2.1 GW belongs to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has around 1 GW of capacity under construction, of which more than 600 MW are own assets.
Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialized provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.
ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “A” level and ISS ESG with their “Prime” label.
Additional information can be found on www.encavis.com
About GreenGo Energy Group A/S
GreenGo Energy was founded in 2011 with the vision to accelerate the conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy’s 360-degree full services platform includes project origination, investment structuring, development, offtake, EPC management and asset management services, fully tailored and bespoke to our client’s needs and their investment profile.
GreenGo Energy has 27 GW of solar, wind, BESS and Megaton P2X projects in various stages of development and construction in nine U.S. states, Europe and MENA, of which more than 5 GW has been contracted through partnership framework agreements with Tier-1 investors in the renewable space.
GreenGo Energy is headquartered in Denmark, with over 110 employees serving customers worldwide.