Denmark-based energy company European Energy has completed the divestment of three renewable energy projects in Europe, totaling over 100MW, in December 2023.
Denmark-based energy company European Energy has completed the divestment of three renewable energy projects in Europe, totaling over 100MW, in December 2023. The strategic offloading includes the Bubney solar farm in the UK and the Bloosballich wind farm in Germany.
The Bubney solar farm, located in Shropshire, West Midlands, UK, boasts a capacity of 40.4MW. Construction commenced in September 2022, and the project was seamlessly integrated into the grid by August of the following year. Elm Trading Group, an independent power producer, seized the opportunity to acquire this project, showcasing the growing interest in renewable energy ventures.
On the German front, the Bloosballich wind farm, a 12.6MW facility featuring three Enercon turbines, has been successfully sold to a local family office. Situated in Saxony Anhalt, Germany, the wind farm was commissioned just last month, marking another milestone in European Energy’s portfolio diversification.
Jens-Peter Zink, Deputy CEO of European Energy, expressed enthusiasm about the company’s December divestment efforts, emphasizing the burgeoning market interest in their renewable energy projects. Zink remarked, “The increasing interest in renewable energy projects is further strengthened by the market belief that the central bank rate hiking cycle has come to an end.”
European Energy has demonstrated a robust performance throughout the year, achieving commendable results in project development, power production, and divestments. Zink shared positive insights, stating, “We have gained momentum throughout the year, and the full-year financial results are expected to be in line with guidance.”
The company’s divestment strategy throughout the year has been noteworthy, with more than 1.1GW of projects sold. The diversified portfolio spans across various countries, including Denmark (356MW), the US (346MW), Italy (237.4MW), the UK (107.4MW), and Germany (75.6MW).
In a previous transaction, European Energy successfully sold its 50% stake in a 163MW Italian solar farm to asset management company Sosteneo. This solar farm is projected to generate 350GWh of power annually, meeting the needs of approximately 80,000 homes and contributing to an impressive 98,000 tons of CO2 savings per year.
The December divestments mark a strategic alignment with European Energy’s commitment to sustainability and renewable energy, reinforcing its position as a key player in the global transition towards a cleaner and greener future. The company’s proactive approach to project development and divestments reflects a strong response to the evolving dynamics of the energy market, setting the stage for continued success in the years to come.