Solar developer Better Energy has landed a “three-digit million euro investment” from pension fund.
The new funds will form part of Better Energy’s ambition to scale green energy production across their markets of Denmark, Sweden, Finland, and Poland.
After the transaction, ATP owns 15 % of Better Energy and will have a seat on the company’s board of directors.
The investment cements the central role of solar power in the future energy mix in Europe.
Better Energy is one of the fastest growing producers of solar energy in Northern Europe with a pipeline of more than 10GW of large scale solar parks that will supply companies, cities and countries with green energy that reduces carbon emissions, boosts biodiversity, and is cheaper than coal, oil and gas.
The investment from ATP is a lever for Better Energy’s continued scaling across their active markets of Denmark, Sweden, Finland, and Poland.
Better Energy chief executive Rasmus Lildholdt Kjær said: “In 2020, we completed our transition from developer to renewable energy company.
“We are on the first few pages in the next chapter in the green transition, where it’s all about rolling out and accelerating scalable renewable energy production.
“The investment from ATP helps boost our momentum in all our markets, not least Poland where the need for cheap, green energy is almost insatiable.”
Polish electricity generation is currently dominated by fossil fuels, with more than 70% of electricity being generated from coal.
The positive environmental impact of additional renewable energy resources in Poland is therefore significantly higher than in many other countries, Better Energy said.
The investment from ATP further strengthens Better Energy’s push to develop subsidy-free large scale solar parks in the country.
Better Energy Poland already has Postomino 30MW and Polanow 30MW projects under operation.