12 Sep 2023

Greengo and Encavis AG Form 500 MW Partnership

12 Sep 2023  by energyglobal   
GreenGo Energy has expanded into Germany with a partnership with the Hamburg-based Encavis AG. The new 500 MW partnership in Germany adds on to the existing 600 MW late-stage project portfolio in Denmark.

“This new framework agreement with our strategic partner, Encavis AG, securing 500 MW of solar projects in Germany, stands as a cornerstone of our ambitions in the European market. It represents the logical next step for us to expand our proven and highly successful partnership model with Encavis into Germany where we are rapidly expanding our footprint and project pipeline. This agreement will take our joined project portfolio to the next level at a total of more than 1.1 GW," said Stefan Degener Managing Director of GreenGo Energy in Germany.

The Partnership with Encavis AG began back in 2019. Most recently, the two partners announced ‘Ready-to-Build’ status for one of Denmark's largest solar parks, Nørhede-Hjortmose near Ringkøbing in Denmark.

“Together with GreenGo Energy, we have been able to realise more than 280 MW of solar generation capacity in Denmark in around two and a half years, some of which have already been connected to the grid. We now want to continue this track record of success together with our partner’s rapidly growing location in Germany,” added Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO) of Encavis AG.

In Germany, government plans are to establish 140GW of solar energy by 2030 as a part of the climate and energy transition strategy ‘Energiewende’ aiming at replacing coal, nuclear power, and gas with renewable energy sources. The goal is to reach net zero by 2045. Thus, the German market is prosperous with opportunities to pursue for both solar, wind, battery energy storage, hybrid and Megaton opportunities going forward contributing to a full energy transformation.

“The German market is clearly one of the most promising and politically committed transition markets in Europe today for solar energy but also for wind, battery energy storage, and hydrogen,” commented Karsten Nielsen, CEO of GreenGo Energy. “After years of preparation and establishing ourselves in Germany in 2022, we are happy and proud to announce our first partnership agreement here. The 500 MW partnership in Germany with Encavis demonstrates the scalability of our unique 360-degree full-service platform and partnership approach."

With the new announcement, GreenGo Energy has a total of 27 GW of solar, wind, BESS and P2X projects in various stages of development and a total of 5 GW of partnership framework agreements with Tier1 investors in renewable energy.


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