Norwegian energy firm Equinor has agreed to acquire BeGreen, a solar project developer owned by the Bregentved Group, for an undisclosed sum.
BeGreen has more than 6GW of capacity in its pipeline ranging from early to medium stages of maturity in Denmark, Sweden and Poland.
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The deal is intended to strengthen Equinor’s capabilities and portfolio in the solar photovoltaic (PV) segment.
BeGreen CEO Anders Dolmer said: “With the new ownership, our financial capacity will significantly expand, allowing us to offer even more support to the green transition in Europe.
“For us, it’s a perfect match. Equinor and BeGreen share the same ambition, and we are both aiming for the highest standards for ESG and integrity.
“We want to expand solar energy as an inexpensive, stable and secure sustainable energy source contributing to making Europe independent on energy supply.
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By GlobalData“It has been essential for us to find a future ownership that appreciate the teamwork and entrepreneurship we consider the DNA of BeGreen’s highly skilled employees and cooperation partners.”
Completion of the deal is subject to relevant regulatory approvals.
Once the deal has closed, BeGreen will be owned by an Equinor subsidiary. Its existing team and management will continue developing solar PV projects.
Clean energy generated by the BeGreen portfolio will be sold in the energy market by Equinor’s subsidiary Danske Commodities.
Equinor Renewables executive vice-president Pål Eitrheim said: “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.
“BeGreen has a proven track record as a solar developer and a strong project pipeline in attractive power markets.
“For Equinor, this is a step to deliver on our aim of being a market-driven power producer.”
Last month, Equinor made a final investment decision for its Blandford Road battery storage project in the UK.
