Equinor has signed an agreement to buy BeGreen, a leading solar project developer in North-West Europe.
Currently owned by the Bregentved Group and members of its executive board, the transaction will see the company become a fully owned Equinor subsidiary. The current team and management will continue developing solar PV projects.
Since it was established, the BeGreen team has fully developed, sold and delivered solar PV capacity of more than 700MW. As of today, BeGreen has established a project pipeline in early to medium stages of maturity of over 6GW in Denmark, Sweden and Poland, with an average project size of 300MW.
The future power from the BeGreen portfolio will be commercialised in the energy market by Equinor’s subsidiary Danske Commodities, utilising their extensive market presence and expertise to capture opportunities in the market.
The BeGreen project portfolio is anticipated to deliver within Equinor’s expected range of 4-8% real base project return for renewables projects, including acquisition price.
“BeGreen represents an important building block to our industrial renewables position in Europe, in line with our ambition to be a leading company in the energy transition,” said executive vice-president for renewables in Equinor Pal Eitrheim.
“BeGreen has a proven track record as a solar developer and a strong project pipeline in attractive power markets. For Equinor, this is a step to deliver on our aim of being a market-driven power producer.”
Anders Dolmer, CEO, BeGreen, added: “With the new ownership, our financial capacity will significantly expand, allowing us to offer even more support to the green transition in Europe.
“For us, it’s a perfect match. Equinor and BeGreen share the same ambition, and we are both aiming for the highest standards for ESG and integrity. We want to expand solar energy as an inexpensive, stable and secure sustainable energy source contributing to making Europe independent on energy supply.
“It has been essential for us to find a future ownership that appreciate the teamwork and entrepreneurship we consider the DNA of BeGreen’s highly skilled employees and cooperation partners.”