Norwegian oil giant Equinor has revealed that it has fully acquired Danish solar developer BeGreen for an undisclosed sum.
BeGreen has a project pipeline of more than 6 GW, with an average project size of 300 MW. Since its establishment, it has developed and sold more than 700 MW of solar capacity.
“BeGreen has a proven track record as a solar developer and a strong project pipeline in attractive power markets,” said Pål Eitrheim, executive vice president of Renewables at Equinor. “For Equinor, this is a step to deliver on our aim of being a market-driven power producer.”
BeGreen will become a subsidiary of Equinor. Its current team will continue to develop PV projects. The electricity generated by its existing portfolio will be sold on the wholesale electricity market by Equinor’s Danske Commodities subsidiary.
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“The BeGreen acquisition is an example of how we selectively enter attractive markets through established companies characterized by high quality teams, proven track records and strong project pipelines,” said Olav Kolbeinstveit, senior vice president for power and markets within renewables at Equinor.
Equinor recently acquired East Point Energy LLC, an energy storage developer in the United States.
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