Equinor buying Danish solar developer with 6-GW pipeline

Norwegian energy group Equinor ASA (NYSE:EQNR) said today it has struck a deal to acquire Danish solar project developer BeGreen, seeking to further expand its business in the solar photovoltaic (PV) market.

The target company is owned by the Bregentved Group and members of the executive board. BeGreen currently has a pipeline of over 6 GW of projects in various stages of development in Denmark, Sweden and Poland. Since its inception, it has developed and sold more than 700 MW of PV schemes, both at home and in Northwestern Europe. The company’s website shows it has around 300 MWp of plants in operation, while its goal is to develop, construct and operate 4 GWp of solar parks by the end of 2025.

The BeGreen portfolio will deliver within Equinor’s expected range of 4%-8% real base project return for renewables, including acquisition price, the Norwegian group estimates.

Following the transaction, which is pending regulatory clearance, Equinor intends to run the acquired business as a wholly-owned subsidiary, keeping its current team and management. The generation from BeGreen’s assets will be marketed by Equinor’s unit Danske Commodities.

“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,” said Pal Eitrheim, executive vice president for Renewables in Equinor.

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