GreenGo Energy partners with Hydro Rein to develop additionally 410MW of solar projects in Denmark
GreenGo Energy and Hydro Rein are enhancing their existing strategic partnership to develop two new early phase solar projects in Denmark, with a combined capacity of 410 MW.
The two early phase solar projects, with an estimated annual production of 522 GWh, are located in Jylland in Denmark. A 114 MW, 200 hectare, project is expected to commence construction in 2025 and be operational in 2026. And a 296 MW, 530 hectares, project is expected to start construction in 2026 and reach operation in 2027. The projects will be fully owned by Hydro Rein and be developed by Hydro Rein and GreenGo Energy in collaboration.
Karsten Nielsen, CEO of GreenGo Energy comments: “This significant agreement concerning a 410MW solar portfolio in Denmark marks our third partnership agreement with Hydro Rein. We are very pleased to see this expansion of our partnership with Hydro Rein to GW scale. With Hydro’s financial strength, experience in renewable investments and strong industrial presence in the Nordic power market we together have a great and scalable platform.”
Lisa Haukaas, Head of Sweden and Denmark in Hydro Rein says: “We are pleased to announce that we are increasing our presence in Denmark and strengthening our collaboration with GreenGo Energy, leveraging our competence, and gaining valuable synergies across the portfolio. Denmark has set a clear ambition to source 100 percent of its electricity from renewables by 2027. We are very happy to work together with the municipalities to contribute to that agenda.”
Hydro Rein and GreenGo Energy now collaborate on a total of six projects. In December 2022, the companies announced a joint venture with CommerzReal to develop two other solar projects in Denmark, with a total capacity of 362 MW. In May 2023, Hydro Rein and GreenGo Energy announced two joint solar projects in Southern Sweden, with the total capacity of 118 MW.
About Hydro Rein
Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 26 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3 GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century-long track record in building industries that matter.
About GreenGo Energy
GreenGo Energy was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy’s 360 degree full services platform includes origination, investment structuring, development, offtake, EPC management and asset management services, fully tailored and bespoke to our client’s needs and investment profile.
GreenGo Energy has 19 GW of solar, wind and P2X projects in various stages of development and construction in seven U.S. states and in Northern Europe, of which more than 4.5GW has been contracted through partnership agreements with Tier 1 investors in the renewable space.