Equinor Secures Acquisition of Leading Danish Solar Developer BeGreen

Equinor Secures Acquisition of Leading Danish Solar Developer BeGreen
Photo: BeGreen

BeGreen, a leading solar project developer in North-West Europe, has agreed to be purchased by Equinor. Equinor’s skills and portfolio in solar PV will be strengthened by the acquisition.

“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. 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,” says Pål Eitrheim, executive vice president for Renewables in Equinor.

The Bregentved Group and the executive board members are the owners of BeGreen.

The present team and management will continue to develop solar PV projects after the deal, and BeGreen will become a wholly owned subsidiary of Equinor.

Equinor’s subsidiary Danske Commodities will commercialize the future energy from the BeGreen portfolio on the energy market.

Within Equinor’s estimated range of 4-8% real base project return for renewables projects, including purchase price, the BeGreen project portfolio is predicted to deliver.

Since its founding, the BeGreen team has fully built, sold, and delivered more than 700 MW of solar PV capacity. As of today, with an average project size of 300 MW, BeGreen has created a project pipeline with over 6 GW of projects in Denmark, Sweden, and Poland that are in early to medium stages of development.

For his part, Anders Dolmer, CEO, BeGreen, says: “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.”

Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor says:
“The BeGreen acquisition is an example of how we selectively enter attractive markets through established companies characterized by high quality teams, proven track records and strong project pipelines. Equinor contributes with a long-term industrial perspective, financial capacity, and advanced trading capabilities through Danske Commodities. We aim to capture value through transforming and scaling the businesses together with the local teams and leveraging synergies within Equinor.”

Through its investments in regional businesses that have secured both capabilities and early phase project pipelines, such as Wento in Poland and Noriker Power in the UK, Equinor has been establishing onshore renewables and storage positions throughout Europe over the past few years.

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