Danish solar developer Better Energy doubled its revenue and increased its pre-tax profit to Dkr32m (€4m) during 2020.
The company said it is reinvesting most of its 2020 operating profit, of Dkr149m, to the company’s own solar parks.
“We dedicate a large part of our operating profit to our solar parks to ensure the best possible starting point for producing as much green electricity as possible in the years to come,” said Better Energy CEO Rasmus Lildholdt Kjaer.
At the end of 2020, Better Energy had approximately 450MW energy capacity under construction and a pipeline of approximately 6GW.
During 2020 Better Energy completed five new Danish solar parks with a total capacity of 154MW, which supply companies including Google.
Last year the developer also built two new solar parks in Poland with a combined capacity of 60MW and a solar park in Sweden comprising 12MW.
In 2020, Better Energy also entered into partnerships with Danish financial mutual Nykredit and Danish pension fund Industriens Pension.
The partnership with Industriens Pension involves a total investment of just over Dkr4bn, making approximately 400,000 Danish pension savers co-owners of solar plants.
Lildholdt Kjaer added: “In 2020, we completed our transformation from a renewable energy developer to an independent power producer.
“Instead of focusing on developing and selling solar plants, we are now focusing on producing and selling green electricity. This is a crucial step we have taken.”
He said the company has also “intensified its efforts” to strengthen biodiversity on the land areas managed by Better Energy and initiated solar projects on areas of special drinking water interests and lowlands.
The developer also entered into a partnership with Habitats, a company with extensive biodiversity and wildlife development expertise.