Equinor has signed an agreement to buy BeGreen, a Denmark-based leading solar project developer in North-West Europe. The acquisition strengthens Equinor’s capabilities and portfolio within solar PV.
Equinor acquires leading Danish solar developer BeGreen
2 November, 2022
“BeGreen represents an important building block to our industrial renewables position in Europe, in line with our ambition to be a leading company in the energy transition. BeGreen has a proven track record as a solar developer and a strong project pipeline in attractive power markets. For Equinor, this is a step to deliver on our aim of being a market-driven power producer,” says Pål Eitrheim, executive vice president for Renewables in Equinor.
Today, BeGreen is owned by the Bregentved Group and members of the executive board. Following the transaction, BeGreen will be a fully owned Equinor subsidiary, and the current team and management will continue developing solar PV projects.
The future power from the BeGreen portfolio will be commercialised in the energy market by Equinor’s subsidiary Danske Commodities, utilising their extensive market presence and expertise to capture opportunities in the market. The BeGreen project portfolio is anticipated to deliver within Equinor’s expected range of 4-8% real base project return for renewables projects, including acquisition price.
Since it was established, the BeGreen team has fully developed, sold, and delivered solar PV capacity of more than 700 MW. As of today, BeGreen has established a project pipeline in early to medium stages of maturity of over 6 GW in Denmark, Sweden and Poland, with an average project size of 300 MW.
Anders Dolmer, CEO, BeGreen, says: “With the new ownership, our financial capacity will significantly expand, allowing us to offer even more support to the green transition in Europe. For us, it’s a perfect match. Equinor and BeGreen share the same ambition, and we are both aiming for the highest standards for ESG and integrity. We want to expand solar energy as an inexpensive, stable, and secure sustainable energy source contributing to making Europe independent on energy supply. It has been essential for us to find a future ownership that appreciate the teamwork and entrepreneurship we consider the DNA of BeGreen’s highly skilled employees and cooperation partners.
Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor says: “The BeGreen acquisition is an example of how we selectively enter attractive markets through established companies characterized by high quality teams, proven track records and strong project pipelines. Equinor contributes with a long-term industrial perspective, financial capacity, and advanced trading capabilities through Danske Commodities. We aim to capture value through transforming and scaling the businesses together with the local teams and leveraging synergies within Equinor.”
Over the last few years, Equinor has been developing onshore renewables and storage positions in Europe through the investment in local companies securing both capabilities and early phase project pipelines such as Wento in Poland and Noriker Power in the UK. With this, Equinor is progressing on its energy transition plan.
The transaction is subject to relevant regulatory approvals.
Media contact Equinor:
Magnus Frantzen Eidsvold
+47 975 28 604 (mobile)
Investor relations Equinor:
Senior vice president, Investor relations
+47 909 55 417 (mobile)
Managing Partner, BeGreen
+45 6162 2022
Paul Svinth Jensen
Senior advisor, Geelmuyden Kiese
+45 4083 3230
Facts about Equinor
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.
Facts about BeGreen
BeGreen was founded on the vision of developing and building 100% subsidy-free commercial solar farm in Europe, and thereby actively contributing to the green transition and energy independency. Today, BeGreen develops, constructs and operate solar plants for the generation of guaranteed green power without any subsidies, after BeGreen’s 360 degrees sustainability concept, at present in Denmark, Sweden and Poland.
The company currently employs 40 employees in Denmark, Sweden and Poland.