Denmark-based GreenGo Energy Group A/S announced that it has sold a portfolio of 360 MW of utility-scale subsidy-free solar projects to Israeli developer Doral Renewable Energy Resources Group under a partnership agreement.
The acquired projects are in early development stage and are part of GreenGo’s Mermaid portfolio set in Denmark.
Under the agreement with Doral, the Israeli partner will provide financing totalling over EUR 200 million (USD 237.4m) to bring the portfolio to commercial operation. The development and construction duties will be split between the parties, according to GreenGo’s press release.
“We are excited to enter into a new partnership with GreenGo on this portfolio of Danish utility scale solar projects. By entering into the Nordics, we continue to diversify our global footprint. It's the natural next step for our planned expansion in Europe,” said Yaki Noyman, Doral Energy CEO.
GreenGo says it has raised over EUR 600 million in financing through partnership deals over the past year, to fund more than 1,000 MW of the Mermaid project portfolio.
The Danish firm has 5,500 MW of solar and energy storage projects in various stages of development in Scandinavia and in selected US states, where over 120 MW of these projects reached commercial operation last year, according to GreenGo.
(EUR 1.0 = USD 1.187)
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