Danish firm European Energy has successfully concluded the sale of a 49% stake in its 304MW Kassø solar PV plant to the Japanese conglomerate, Mitsui & Co. This significant development follows European Energy's announcement of its intention to divest in July and solidifies its position as a key player in the renewable energy sector.
The Kassø solar PV plant, which has been operational since the first half of 2023, is located in the municipality of Aabenraa, Denmark. Mitsui & Co.'s acquisition also encompasses a portion of the 52MW e-methanol facility that is currently under construction and connected to the solar project. This transaction exemplifies the ongoing international cooperation in renewable energy projects and highlights the appeal of Danish renewable assets to global investors.
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European Energy has been actively expanding its portfolio in the renewable energy market. Earlier this month, the company entered into a joint venture with French fossil fuels major TotalEnergies to develop a substantial 4GW of onshore renewables projects. Additionally, European Energy announced plans for a 115MW PV project in Latvia, scheduled for operational status in 2025, further solidifying its presence in the Latvian market.
Denmark continues to be a hotspot for renewable energy development, with notable projects such as the 132MW Ringkøbing solar park by German developer Encavis underway on the west coast of the country. The attractiveness of Denmark's renewable energy sector is further exemplified by Copenhagen Infrastructure Partners, one of the world's largest renewable asset managers, securing an impressive $6.1 billion in capital commitments for its latest fund during the summer.
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The completion of the stake sale to Mitsui & Co. not only marks a significant milestone for European Energy but also underscores the growing international interest in Denmark's renewable energy projects, positioning the country as a key contributor to the global transition towards sustainable energy solutions.
