Equinor Acquires BeGreen, A Leading Danish Solar Developer, To Accelerate Energy Transition Plans
Nov 14, 2022
On 7 November, Statoil (Equinor) has signed an agreement to acquire BeGreen, a leading developer of solar projects in North West Europe. the acquisition strengthens Equinor's capabilities and portfolio in the solar PV sector.
Today, BeGreen is owned by the Bregentved Group and members of the Executive Board.
Following the completion of the transaction, BeGreen will become a wholly owned subsidiary of Equinor and the current team and management will continue to develop solar PV projects.
Future power from the BeGreen portfolio will be commercialised in the energy market by Equinor's subsidiary Danske Commodities, using its extensive market presence and expertise to capture market opportunities.
The BeGreen project portfolio is expected to provide real underlying project returns (including acquisition prices) of between 4% and 8% within the expected range of Equinor's renewable energy projects.
Over the past few years Equinor has been developing its onshore renewable energy and storage business in Europe by investing in local companies to acquire capacity and early stage project pipelines, such as Winto in Poland and Noriker Power in the U.K. Through this, Equinor is advancing its energy transition plans.
