Novo Holdings, Sampension and European Energy to launch DKK650mn renewable energy fund

A new partnership between Novo Holdings, Sampension, and European Energy has been established with the intention to buy land for the construction of solar and wind farms in Denmark and Sweden. The three partners will provide DKK 650 million (US$103.97 million) with the possibility of investments of up to DKK 1.5 billion (US$240 million) through debt financing. This will significantly increase investments in the green transition in Denmark and Sweden. European Energy will handle the development of the solar and wind farms in the acquired areas.

The new partnership will purchase agricultural land that is suitable for renewable energy plants. Furthermore, the partnership will explore opportunities to combine food production and energy production as well as convert lowland soils to green energy production. This can lead to both increased biodiversity in the areas and be a double benefit for the climate if more CO2 is bound in the low-lying soils, at the same time as the green energy is established on earth.

The partners expect the collaboration to contribute to Denmark getting one step closer to the ambitions in the Danish Climate Act, where greenhouse gas emissions are reduced by 70% in 2030. In addition, the conversion of agricultural land to renewable energy production will strengthen the conditions for achieving cleaner groundwater.