23 April 2019

PROVENTUS BACKS BETTER ENERGY’S PLANS WITH €80 MILLION TO ACCELERATE THE GREEN TRANSITION

Danish renewable energy company Better Energy has secured financing from Swedish investment company Proventus Capital Partners worth €80 million to accelerate growth and the transition to clean energy sources.

Swedish credit investor and loan provider Proventus Capital Partners has become a strategic financing partner to Better Energy. A multi-year €80 million credit facility will enable Better Energy to scale up operations and speed up the tempo of the green transition in target markets. Specifically, the credit facility will finance costs associated with the construction of Better Energy’s large portfolio of solar parks, amounting to over 1 GW in the coming years.

Better Energy is driven by the vision of a sustainable future powered by renewable energy. This level of transformation in the industry requires mutually-beneficial partnerships. The new cooperation with Proventus is a true strategic collaboration.

“We have a clearly defined capital structure strategy and development roadmap for the next few years. Proventus took time to understand our business and strategic plans. We appreciate their diligence and their solution-oriented approach,” says Annette Nylander, Better Energy EVP Capital & Strategy, and continues:

“Proventus shares our philosophy of sustainable development and our ambitions to accelerate the transition to clean energy sources. Together, we have developed a highly flexible financing solution that is specially tailored to our needs and strategic growth plan. We are ready to move forward to the next step.”

“Better Energy has a strong track record of developing and constructing solar power plants and is well positioned in the rapidly growing solar power industry. A fully integrated value chain enables Better Energy to have full control over project development which ensures high quality. Operated by a highly skilled and experienced team, Better Energy plays a critical role in the transition towards green energy and Proventus Capital Partners is proud to be part of their journey”, says Gabriella Sahlman, investment director at Proventus Capital Partners.

Essential elements

Financial partnerships are essential to fund the transition to a renewable energy economy and enable Better Energy to spend more time moving forward with other critical elements of the business. Delivering affordable green energy requires more than capital and the latest technologies. Solar power plants require land and support from municipalities and local communities. Development and integration of power plants entails the development, technical upgrade, extension and modernisation of electricity grids. Power purchase agreements must be secured with off-takers of green electricity. All these elements require coordination and collaboration to deliver impact on a significant scale.

“The financing provided by Proventus is an important milestone for Better Energy and confirmation of our leading role in the industry. This strong support demonstrates confidence in our capabilities and business model. We have reached a critical stage in our growth and we have a clearly defined blueprint for the coming years. This is a strong step forward in the journey of Better Energy and in the green energy transition of the energy industry,” says Better Energy CEO Rasmus Lildholdt Kjær.

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