Better Energy, a Danish developer of renewable energy projects, has confirmed today that it has secured €33 million in funding to build a 51 MW solar park in Denmark.
The project will comprise four interconnected installations at Nees in West Jutland, and has received financial backing from the Danish Green Investment Fund in the form of a loan.
Once completed, the Nees development will be Denmark’s third-largest array in a country more commonly associated with wind energy.
“There is a common misconception that Denmark is not suitable for solar energy, but solar cells are most efficient in clear sun at low temperatures, and solar radiation is quite high in areas such as West Jutland,” said Better Energy co-founder and managing partner Rasmus Kjær. “Solar and wind energy complement each other perfectly because production is often inversely correlated.”
Denmark’s Green Energy Fund is mandated to provide financial backing to renewable energy projects to enable faster and less risky realization. The criteria to receive funds is that the green project must be commercially viable, Better Energy said.
“Better Energy’s fully integrated value chain brings significant economies of scale in the development of solar parks,” added Kjær. “This enhances our ability to drive down the price of solar power. If we then combine this with mortgage credit financing for the plants, we have a huge potential for both cheap and green energy in Denmark.”
The solar park at Nees is expected to be connected to the grid by December this year, and will deliver enough clean energy to meet the power needs of 11,000 Danish households.
Last week Better Energy signed a supply agreement with Tata Power Solar and Huawei for solar modules and inverters, respectively.