Commerzbank and Norsk Hydro to acquire solar parks with up to 1 GW in Denmark

Commerz Real is investing in the Danish photovoltaic market for the first time. Together with Hydro Rein, a subsidiary of the aluminum group Norsk Hydro, Commerzbank’s real estate subsidiary is acquiring two solar projects with a total of 362 megawatts. The two solar parks are to be built on the West Danish coast and in the south of the country. Construction is scheduled to start in 2024 and to be completed in 2026. The seller is the Danish developer GreenGo Energy. Commerz Real plans to place both assets with professional and semi-professional investors.
As part of the newly formed joint venture with Hydro Rein, Commerz Real aims to acquire projects with up to one gigawatt (GW) of capacity in the medium term. To this end, GreenGo Energy has been commissioned to develop solar projects for 600 million euros ($ 599 million). The yield from these plants will correspond to about four percent of Denmark’s electricity demand. According to the Danish government, the country’s entire electricity demand is to come from renewable sources by 2027. The government is aiming for 20 GW of solar capacity by 2030.

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