Danish solar energy production is expected to increase significantly in coming years. Therefore, the renewable energy company Better Energy and insurance company Codan Denmark are now entering a partnership to insure several solar parks, including Northern Europe's largest, and at the same time building up Danish competencies within the area.
Northern Europe's largest solar park will be insured by Codan. Better Energy has built and will be operating the solar park near Holstebro, and the company expects a dramatic increase in solar energy’s contribution in achieving climate targets in both Denmark and in the rest of the EU.
“We have to move fast if we are to achieve Denmark's 2025 climate target and Europe's 2030 climate target. We are currently building solar parks on commercial terms and expect a significant demand for unsubsidised renewable electricity in the coming years. Therefore, it is important to have an insurance company with solid experience with renewable energy projects,” explains Better Energy CEO Rasmus Lildholdt Kjær.
The solar park near Holstebro covers an area of 222 hectares, corresponding to more than 300 football pitches, and it is expected to produce enough electricity to supply 130,000 Danes with green electricity.
“We are incredibly proud to play an active role in not only Denmark's, but also Northern Europe's largest solar park. It is a milestone for our commercial business and a good example of how insurance supports the drive for innovation in society and help contribute to achieving the climate goals,” says Camilla Amstrup, head of commercial lines at Codan Denmark
Opportunity for Danish competitive advantage
The partnership between Codan and Better Energy is not limited to the solar park at Holstebro. Codan insures several solar parks that are built and operated by Better Energy, strengthening their knowledge of how solar parks work and where there are risks. These are competences that can also be used internationally as more solar parks are built.
“In addition to reducing the financial risk, a central part of our task is to advise on damage prevention and risk management. For this reason, it is crucial that we get involved early in the process, so that we ensure a stable and competitive electricity supply,” says Camilla Amstrup.
Codan Denmark already insures solar parks, which are in operation in France, Spain and Germany, but with the projections for solar power in Northern Europe, there is great growth potential in building Danish competences.
"The faster we can build up Danish experience and competences, the easier Danish insurance companies can also use this position of strength abroad," says Rasmus Lildholdt Kjær.