BeGreen is currently owned by the Bregentved Estate, which operates as an agricultural and forestry business in Denmark, focussed on the sustainable production of food and energy. BeGreen’s assets under development comprise 4.7 GW in Denmark, 440 MW in Poland, and 202 MW in Sweden. The projects are at early to medium stages of maturity, with an average project size of 300 MW. BeGreen also holds 302 MW of operational capacity and 288 MW under construction, to be operationalized by the end of 2022. The power produced will be marketed by Equinor subsidiary Danske Commodities. The transaction marks Equinor’s largest renewable energy acquisition in Denmark.
BeGreen reported a revenue of $58.8mn and pre-tax earnings of $8.2mn for the fiscal year (FY) 2021/2022, with a net debt of $45mn at the end of the period. The company had forecast a revenue of $218-245mn and pre-tax earnings of $86-119mn for FY 2022/2023, including the sale of new projects. BeGreen is optimistic about its strategy, focussed on developing unsubsidized utility-scale projects in the high-growth markets of Denmark, Sweden, and Poland. The company has also outlined plans to enter at least one new market in the current fiscal year.
The deal marks Equinor’s most significant move in the solar sector and will compliment the company’s existing pipeline in Poland, acquired through the takeover of Polish developer Wento in May’21. Beyond Europe, Equinor is developing solar projects in Latin America, in partnership with fellow Norweigan energy company Scatec. The duo are collaborating on the massive 531 MW Mendubim solar project in Brazil, and in 2021 brought online the 117 MW Guañizuil IIA asset in Argentina.
Equinor has also ventured into the floating solar segment, forming a partnership with Saipem subsidiary Moss Maritime in Jan’21, to test a ‘floatovoltaic’ array in the Norwegian Sea.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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