29 June 2023

AP Pension Announces EUR 65 Mil Financing of Better Energy Solar Parks in Poland

AP Pension accelerates Poland’s clean energy transition by providing Better Energy with EUR 65 million in a landmark loan agreement that will help accelerate Poland’s transition to renewable energy.

The funds are being used to finance the cost of establishing five solar parks across Poland, with a combined annual production capacity of 237 MW. The solar parks are complete, with the majority grid-connected and producing clean energy for the Polish market. The agreement is another instance of Danish pension funds investing and showing confidence in renewable energy producer, Better Energy.

Through financing these five Better Energy solar parks, AP Pension – one of Denmark’s largest pension funds – is helping to facilitate the production of new and additional renewable energy in Poland. As one of the largest investments in green energy in Poland, the expected annual production capacity from the parks has the potential to generate enough electricity for 120,000 Polish households while reducing over 180,000 tons of CO2.

Danish pension funds and Better Energy lead the way in investing in renewable energy

“Through this loan, we can make a direct impact and help accelerate the green transition in Poland,” said Helle Ærendahl Heldbo, Head of Alternative Investments at AP Pension. “The partnership with Better Energy is one that AP Pension and our members can be proud of because it will ensure an increase in the supply of new renewable energy in Poland.”

Together with Better Energy, forward-looking Danish pension funds are pioneering an innovative path to financing and investment for renewable energy projects that can scale production and accelerate the green transition. In December 2022, ATP, one of the largest pension funds in Europe, made one of their largest investments of the year, purchasing a 15% minority stake in Better Energy. Industriens Pension has already announced two separate rounds of joint investments together with Better Energy, including EUR 800 million in the latest round to be invested in joint ownership of future Better Energy solar parks.

As governments, business leaders, and citizens around the world are calling for climate action, this is a prime example of how to accelerate new green energy production on market terms.

Better Energy’s partnerships with pension funds demonstrate how investments and financing decisions can have a direct impact and help drive the renewable energy transformation across Europe. The partnership also helps move AP Pension toward its goal of investing 18% of its total assets in clean technology by 2025.

Driving the change toward renewable energy in Poland

The Polish electricity mix is currently dominated by fossil fuels, with more than 70% of electricity generated from coal. The country’s need to reduce emissions and an increase in electricity prices has led to an exponential rise in demand for accessible and affordable renewable energy. Better Energy has already announced corporate Power Purchase Agreements with companies such as Toms Group and Faerch Group to offtake the power from the parks in Poland.

Understanding what it takes to scale renewable energy production

“Throughout the process, AP Pension has shown they understand the needs of renewable energy companies and a willingness to make a difference through its investments,” said Christoffer Larsen, Executive Vice President of Investments at Better Energy. “It is promising to see Danish pension funds work closely with renewable energy projects and invest in opportunities that help scale the production and supply of green electricity across Europe.”


Investment Inquiries

Christoffer Larsen | Better Energy | EVP, Investments | +45 3150 5646 |

Helle Ærendahl Heldbo | AP Pension | Head of Alternative Investments | +45 2324 9176 |