In Jylland, Denmark, Hydro Rein and Commerz Real will develop two solar projects in the initial phase.
A partnership for 2026
In Jylland, Hydro Rein and Commerz Real plan to build two solar projects with a capacity of 170MW and 192MW. Construction is expected to begin in 2024. Finally, production is expected in 2026.
The two projects will have a total annual capacity of 412GWh, or 4% of Denmark’s annual consumption . To achieve this ambition, Hydro Rein and Commerz Real announce the formation of a 50/50 joint venture. The project vendor and developer, GreenGo Energ will continue to develop the projects until operations begin.
Jylland is Hydro Rein’s first solar investment. Moreover, this is also its first investment in the country where the company sees great potential. Thus, Hydro Rein is diversifying its portfolio in the Nordic region in terms of technology and production.
An important potential
Indeed, Denmark has the ambition to obtain 100% of its electricity from renewable energy sources by 2027. Total wind and solar generation will likely exceed 20TWh by 2022. As a result, The photovoltaic market in Denmark is growing rapidly.
Karsten Nielsen, CEO of GreenGo Energy, states:
“We are honored to partner with two deep and complementary institutions in the renewable energy sector. This is our first GW-scale partnership agreement for our Mermaid portfolio in Denmark. This is an important step to help us accelerate energy transformation with significant impact well into 2030.”
GreenGo Energy has over 6.5GWp of solar and storage projects. In addition, more than 1.7GWp was obtaining full-cycle financing through partnership agreements.
Solar power capacity in the country will rise to 8GW by 2030. Thus, the formation of this joint venture allows Hydro Rein and Commerz Real to leverage their complementary capabilities. Indeed, both companies have extensive experience in renewable energy investments and a strong industrial presence.
