27 April 2023

Better Energy invested 2.9 bn kr. in the green transition in 2022

Better Energy delivered solid progress in 2022, where the capacity pipeline grew to 10 GW. Over the past three years, the company has been responsible for putting up around half of all solar power installed on Danish soil.

Better Energy has just published the company's integrated annual report for 2022, and it shows solid growth. Revenue increased and almost doubled to DKK 2.9 bn, ten solar parks were connected to the electricity grid in Denmark and two in Poland.

In a year characterised by great uncertainty and many challenges in global supply chains, Rasmus Lildholdt Kjær, CEO of Better Energy, highlights his colleagues in the organisation's integrated value chain:

“We have built and grid connected a lot of solar parks over the past year, and what I am most proud of is the many good employees who are the reason why we have succeeded. In Better Energy, we have full control over our entire value chain from development, procurement and logistics to the construction phase and finally maintenance, asset management and power sales from our solar parks. In a volatile market, our organisation and business model have proven to be both robust and able to create long term value.”

Activities in 2022

In 2022, Better Energy connected 534 MW solar parks to the grid, corresponding to the annual electricity consumption of around 340,000 Europeans. The increase in activity is also reflected in the number of employees, which increased from 148 at the beginning of the year to over 264 at the end of the year.

Additionally, the company pioneered a new PPA solution where multiple companies can offtake green energy from the same solar park through separate corporate PPAs directly with Better Energy meaning it is no longer only very large energy consumers who can benefit from the supply of new and affordable renewable energy.

In the first partnership (Impact I) between Better Energy and Industriens Pension, a labour market pension scheme for industrial employees, 21 solar parks in Denmark and Poland have now been established with a total investment sum of around DKK 5 bn with a production capacity of around 1 GW. Building on this success, the company entered a new partnership with Industriens Pension (Impact II) for an investment value of DKK 6 bn.

In December, ATP, the largest pension fund in Denmark, became a minority investor in Better Energy. This will significantly improve the company’s ability to scale power production capacity and deliver green energy to even more companies and electricity consumers.

Better Energy also announced development activities in a new Northern European market, Finland.

In 2023, Better Energy expects to increase activities in Denmark, Poland, Sweden and Finland to add additional projects to an already strong capacity pipeline. The number of employees is expected to reach around 500 people by the end of 2023.

Green energy parks with local support

In 2022, Better Energy applied for a zoning decision to build a solar park in the municipalities of Kolding and Vejle in Denmark. The collaboration between the two municipalities and the energy company is an example of how large scale green energy parks can be established without state support and in close interaction with the local area.

The solar park is currently in the last hearing before expected final approval, and Mayor of Kolding Municipality, Knud Erik Langhoff, hopes that the process can serve as inspiration for other municipalities home and abroad:

“Together with Better Energy, we have proven that it is possible to combine the deployment of green energy parks in close cooperation with local wishes. Solar parks can be established on top of drinking water interests, increase biodiversity or be built on low-lying soil. This particular park is a good example of how renewable energy, if done right, can open up the landscape with more than 129 hectares for recreational areas, nature initiatives, re-establishing of piped watercourses and boosted biodiversity.”

Outlook 2023

Looking ahead for 2023, Better Energy will maintain course to retain its strong market leadership position and continue to benefit from the advantages of delivering competitive, subsidy free renewable energy. The company expects a key focus will be to expand its business structure and the human capabilities required to reach its long-term goals.

Milestones reached in 2022

During 2022, Better Energy reached several milestones.

  • In a partnership with Industriens Pension, 21 solar parks in Denmark and Poland have now been established with a total investment sum of around DKK 5 bn.
  • A new investment for an expected 15 coming solar parks was entered into in a new partnership with Industriens Pension for an investment sum of around DKK 6 bn.
  • The capacity pipeline grew to 10 GW across Denmark, Poland, Sweden and Finland.
  • Better Energy now has more than 1 GW of solar power under management.
  • The number of employees rose to 264 by the end of the year.
  • Revenue increased to around DKK 2.9 bn.
  • ATP, one of Europe’s largest pension funds, entered as a minority owner in December 2022.

Download Better Energy's Integrated Annual Report 2022