04 September 2017

BETTER ENERGY SECURES 33 MILLION EURO LOAN FROM THE DANISH GREEN INVESTMENT FUND TO BUILD DENMARK’S THIRD LARGEST SOLAR PARK

With funding from Danish Green Investment Fund, Better Energy is constructing a 63-hectare solar park in Nees, West Jutland.

The solar park in Nees will be Denmark’s third largest and will produce electricity corresponding to the consumption of approximately 11,000 Danish households.

Denmark will soon be getting a new utility-scale solar park. Better Energy has secured funding from the Danish Green Investment Fund to build four solar parks in Nees in West Jutland, which together will comprise Denmark’s third largest park. The financing amounts to over €33 million for the four projects.

When the park is completed, it will produce energy equivalent to the annual electricity consumption of 11,000 Danish households. It will occupy an area of 63 hectares and host 160,000 solar panels.

“Solar energy has the potential to become a major contributor to the renewable energy mix. The price of solar cell technology is markedly decreasing, and together with the development of more efficient battery capacity, this will lead to significant changes in our future energy supply. We want to help solar energy reach its potential," says Michael Zöllner, director of the Danish Green Investment Fund.

The solar park in Nees is the latest sign that Denmark is becoming a solar country. The rapid technological development in the industry means that cool Danish weather is nevertheless suitable for solar energy.

 

“There is a common misconception that Denmark is not suitable for solar energy, but solar cells are most efficient in clear sun at low temperatures, and solar radiation is quite high in areas such as West Jutland. Solar and wind energy complement each other perfectly because production is often inversely correlated,” says Rasmus Kjær, CEO at Better Energy.

The Danish Green Investment Fund has the mandate to fund green transition projects so that they can be realized faster because the fund is less risk averse than traditional funding sources. The projects must be both green and commercially viable.

“We hope this project can help accelerate the development of solar energy in Denmark. In the Danish Green Investment Fund’s pipeline, we see several projects that span the entire solar value. We would like to invite more players and financial parties to join in this development,” says Michael Zöllner.

With funding from the Danish Green Investment Fund, Better Energy hopes to be able to attract more financiers in Denmark for future projects.

“In Better Energy, we have a fully integrated value chain in the development and construction of solar parks, which brings significant synergies and economies of scale. It not only strengthens our competitiveness but also enhances our ability to drive down the price of solar power. If we then combine this with mortgage credit financing for the plants, we have a huge potential for both cheap and green energy in Denmark,” says Rasmus Kjær.

Better Energy is building the solar park, which will be connected to the electricity grid. The four solar parks are being constructed in parallel. The construction phase is expected to be finished in November or December 2017.

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