The joint venture will be owned 50/50 by Commerz Real and Hydro Rein. The seller is the Danish developer GreenGo Energy, who will continue to develop the projects until the start of operations. The projects have an estimated peak capacity of 170 MW and 192 MW, respectively, and a total annual production of 412 GWh.

"We are proud to announce our very first investment in Denmark and Hydro Rein’s first solar investment in the Nordics, together with a solid partner, Commerz Real. The investment will diversify our Nordic portfolio in terms of technology and production, and we see great potential in combining wind and solar to help decarbonize major industrial players. Backed by strong governmental ambitions, we are looking forward to explore more opportunities in Denmark,” says Olivier Girardot, Head of Hydro Rein.

“The Danish investment market for photovoltaic offers the potential for growth and diversification for our institutional investors in particular. With Hydro Rein and GreenGo Energy, we also have experienced partners firmly rooted in the Scandinavian market by our side,” says Barkha Mehmedagic, Global Head of Institutional Sales and Group Treasury at Commerz Real.

The Danish solar market is growing rapidly, and Denmark has an ambition to source 100 percent of its electricity from renewables by 2027. Total wind and solar production will likely exceed 20 TWh in 2022. It is expected that solar power capacity will reach about 8 GW by 2030, although it is still at a marginal level now.

"We are honored to partner with two profound and complementary institutions in the renewable energy industry. This is our first GW scale partnership agreement for our Mermaid portfolio in Denmark. It is a big milestone to helping us accelerate the energy transformation with significant impact well before 2030,” says Karsten Nielsen, CEO of GreenGo Energy.

Hydro Rein and Commerz Real have a common ambition to grow the portfolio up to 1 GW. By forming a joint venture, the partners will be able to leverage their complementary capabilities with extensive experience from renewable investments and a strong industrial presence in the Nordic power market.