Largest Danish solar power portfolio to date:

Luxcara and BeGreen ready to supply 120,000 households with green Danish electricity

Copenhagen, 13th of January 2021:

  • • Luxcara and BeGreen sign one of Europe’s largest agreements for new photovoltaic electricity production.
  • • Four new solar parks in Denmark with total capacity of up to 415 MWp.
  • • First delivery of green electricity in 2021; final completion in 2023.
  • • BeGreen overall responsible for construction as well as operation and maintenance.

Hamburg/Bregentved: With a total capacity of up to 415 MWp, Denmark’s largest solar electricity portfolio to date will start providing green electricity to consumers and businesses in 2021 with final completion in 2023. This is the objective of an investment agreement signed between the Danish solar developer BeGreen A/S and Luxcara, one of Europe’s most experienced renewable energy asset managers, headquartered in Hamburg.

The agreement comprises four solar parks being built in Denmark that will become part of a portfolio of renewable energy assets managed by Luxcara for institutional investors. BeGreen will be responsible for the construction as well as the operation and maintenance of the solar parks. The agreement is one of the largest ever in the field of photovoltaic transactions in Europe. The parties have agreed to keep the purchase price confidential.

The planned green electricity output from the four solar parks is equivalent to the annual consumption of 120,000 Danish households. The new solar parks will in total deliver savings in CO2 equivalents (CO2e) of 343,000 tons annually.

The project is the first one in Denmark for Luxcara, a German asset manager with commitments from a wide range of investors, primarily European insurance companies and pension funds.

Philip Sander, Managing Director of Luxcara states: “We are excited to kick-start this exceptional solar portfolio in Denmark without any kind of government subsidies. The electricity will be sold to an off-taker under a long-term power purchase agreement or at the Nord Pool spot market.”

“It remains our clear focus to acquire high-quality renewable energy assets throughout Europe. This first venture into Denmark matches our requirements perfectly. Photovoltaic plants developed and built by BeGreen are reliable, long-term projects that enjoy the support of the local municipalities. They will contribute in the best possible way to the rapid green transition needed to stem climate change. We look forward to the cooperation with BeGreen,” adds Philip Sander.

Anders Dolmer, Chairman of the Board of BeGreen: “We are delighted to engage in this partnership with Luxcara, with their impressive portfolio across Europe and outstanding track record within the renewable energy sector.”

“Speed is essential in order to reach Denmark’s ambitious 2030 goal of a 70% reduction in CO2e emissions. With this historic agreement with Luxcara, the construction in cooperation with our partner Energi Innovation will continue as planned, which means that we will deliver the first green electricity in 2021; from day one 100% free of government subsidies. Our solar power parks provide green electricity that is cheaper and produced with less climate impact than electricity based on conventional sources like coal, gas or nuclear. The project is an important milestone for the integration of large-scale solar power as a cornerstone in the future Danish energy system, fully based on renewables. Solar and wind energy complement each other nicely. While the sun provides energy primarily during the day and in the summertime, when consumption is at its peak, the wind energy production is higher at night and in the wintertime,” says Anders Dolmer.

BeGreen was advised by Deloitte (M&A, financial), EY (tax), Kromann Reumert (legal) and Krug & Schram (technical).

Luxcara was advised by CMS Deutschland, Reuther Rieche, Lundgrens (legal), Ramboll Energy (technical) and Marsh (insurance), amongst others.

Facts about the portfolio

The portfolio includes four solar parks located in the municipalities of Faxe (two plants), Vordingborg and Herning covering a total of 420 hectares. With an expected annual production of 414 million kWh, the solar parks will be able to cover the total electricity consumption of approx. 120,000 households and reduce the CO2e footprint by 343,000 tons annually.

In order to minimise the impact on local landscapes, BeGreen always chooses a flat land area and plants trees and bushes around its solar parks. The production of food on the land with solar parks will continue - now with organic production of lamb meat, grass (for protein extraction), and biochar.

About Luxcara

Luxcara is an independent asset manager offering institutional investors investment opportunities in the international renewable energy market. The owner-managed company, founded in 2009, acquires, structures, finances and operates renewable energy and related infrastructure projects as a long-term buy-and-hold investor. The company specializes in structuring free-market power purchase agreements.

Luxcara's portfolio includes solar and wind power plants across Europe with a total capacity of more than 3 gigawatts and an investment volume exceeding 3 billion euros. The track record makes Luxcara one of Europe’s most experienced asset managers for renewable energy investments.

For further information

Luxcara: Lars Haugwitz, GFD - Gesellschaft für Finanzkommunikation mbH Tlf. +49 69 97 12 47 34 haugwitz@gfd-finanzkommunikation.de

BeGreen: Paul Svinth Jensen Kreab Tel. +45 40 83 32 30 E-Mail: psjensen@kreab.com




Royal unibrew to produce on green energy

23 hectar solar park drives brewery towards even greener production

Copenhagen, 3rd June 2020:

Beverage production is in full bloom at Denmark's second largest brewery Royal Unibrew, who wishes to reduce CO2 emission in production, thus having entered a collaboration with BeGreen, on development of a 23 acres solar park, corresponding to approx. 5000 single-family homes with an average consumption of 4000 kWh/yearly.

BeGreen develops sustainable solar parks with green maintenance in the form of animals that keep the green belt surrounding the solar panels maintained to avoid glare from the solar park.

If you wish to hear more about your possibilities for a sustainable development, please contact us for more information at www.begreen.dk




The construction of "Vandel III" is well on the way and contributes to the creation of jobs

NKT to deliver historical Danish solar cable

Copenhagen 20th May 2020:

NKT is already in the process of delivering the record-sized high voltage cable, which soon will start shedding light on our new Danish Vandel III solar park later this year. We are pleased that NKT won the Vandel III tender and look forward to producing what corresponds to approx. 34,000 households electricity consumption and reduce carbon footprint with 190,000 tons of CO2e per year.

N1 will be receiving the electricity from the solar park who will be producing 155 MW when fully operational in 2021.

This solar park is part of an alternate business model, unlike other solar parks, usually being listed with subsidies or a large buyer behind it. Vandel III is built on free market values, where electricity is freely sold to consumers who wants sustainable electricity at low prices.

Read more about the largest solar park in the Nordics: Article from EnergiWatch




Turning a decommissioned airport into a subsidy-free renewable power plant

New solar park in Vandel to become the largest in the Nordics

Copenhagen, 12th December 2019:

Today, Infranode I (Infranode), a Nordic infrastructure investment fund, and BeGreen, a Danish developer of largescale solar parks, have signed an agreement that will lead to the construction of the largest solar park in the Nordics – and the seventh largest in Europe.

The solar park, Vandel 3, utilizes the land from the decommissioned Vandel airport in the municipality of Vejle in Jutland, Denmark. The park covers 180 hectares equaling 250 soccer fields. With an anticipated annual production of 152,000 MWh, Vandel 3 will cover the annual consumption of around 34,000 households and reduce the carbon footprint with 190,000 tons CO2e.

Following Infranode's investment, BeGreen will continue to hold a minority stake in Vandel 3 and manage the construction, operations and maintenance of the solar park.

The construction of the new park will start early 2020, and Vandel 3 will produce the first power in 2021.

Philip Ajina, Co-founder and Partner of Infranode, says:

“The investment in Vandel 3 is a very important milestone for Infranode, marking our entry into the Danish market for infrastructure investments. We’re excited to do so by investing in the largest solar park ever built in the Nordics, from day one 100% free of subsidies. This investment is not only commercially attractive for our investors, including Nordic pension funds and the EIB, but is also making a significant contribution to the transition to a low-carbon and resilient economy.”

Anders Dolmer, Co-founder and Chairman of BeGreen A/S, continues:

“We would like to commend Infranode on its professionalism and its excellent deal team throughout this process. Infranode has the highest standards when it comes to infrastructure investments in the Nordics and with their long-term sustainability commitment, forms an ideal partnership between Infranode and BeGreen.”

Lars Møller Salling, CEO of BeGreen A/S, says: “This is the biggest project we have developed in BeGreen, but also to date one of the largest in Europe. We’re looking forward to working together, setting new standards within the industry.”

Joel Löfroth, Investment Manager of Infranode AB, says: “This investment fits perfectly into Infranode’s strategy for long-term sustainable infrastructure investments. We look forward to delivering more investments in Denmark within the energy, transport, digital and social infrastructure sectors and I am convinced that, as a partner focused investor with interest in co-owning with both private and public sector owners, there will be ample of opportunities going forward.”

The seller was advised by Deloitte (M&A, financial and tax), Kromann Reumert (legal) and Krug & Schram (technical).

The buyer was advised by EY (M&A, financial and tax), Plesner (legal) and K2 Management (technical) and AFRY (commercial).

About Infranode

Infranode is a long-term infrastructure investor in the Nordic region within energy, transport, telecommunications and social infrastructure. The Infranode funds have total commitments of c. EUR 750 million from well-known institutional investors such as KPA Pension, Folksam, European Investment Bank and AP4, the Fourth Swedish National Pension Fund. Infranode AB has a local team of investment professionals and offices in Helsinki, Stockholm, and Oslo. Areim AB is the AIF manager of the Infranode funds and Infranode AB provides advisory services to the AIF manager.

About BeGreen

BeGreen develops, constructs, maintains and manages large scale solar parks and energy storage solutions in Denmark, Sweden and Poland primarily. It is BeGreen’s firm strategy to construct solar parks in partnership with municipalities, landowners, Tier 1 suppliers, grid operators and investors without any subsidies at all, and sell electricity to consumers, who want sustainable and long-term stable electricity at low prices.

For more information or interviews please contact

Infranode: partner and co-founder Philip Ajina, philip@infranode.se, tel. +46 7075 59978;
Communications advisor, Paul Svinth Jensen, psjensen@kreab.com, tel. +45 40 833 230

BeGreen: Chairman of the Board Anders Dolmer, ad@bregentved.dk, tel. +45 56 303 106