European Energy has started constructing Sweden’s first large-scale hybrid park in Skåramåla in the municipality of Tingsryd, where the existing wind farm is supplemented by a solar park. By co-locating the plants, the land is used more optimally, and the electricity can be fed out via the same grid connection.

“Even though there are large areas of land in Sweden, we need to optimize the use of space to meet different public interests. Here we have found a way to construct a hybrid plant in forest land with low natural values already utilized for wind power,”

says Peter Braun, country manager in Sweden at European Energy. In total, the hybrid plant will be able to produce 127 GWh of green electricity per year, which corresponds to the annual electricity consumption of 32,600 households. 38 GWh comes from the solar park, and the rest from wind power. 

“The combination of solar and wind means that we will have an increased production and a more balanced output. Wind and solar complement each other well because they have different production times during the day and throughout the year”,

says Peter Braun. The solar park occupies an area of 49 hectares and land preparation has been ongoing for a few months. The forest, which was ripe for felling, has been taken down and rocks have been buried in a deeper layer of soil. 

“We used soil that was already on site to level the ground so that the solar panels could be installed on an even surface. In this way, we have not added or removed any soil, thus avoiding transport. As far as possible, we use local subcontractors for the groundwork”,

says Peter Braun. The solar park is a temporary facility. When the solar panels are finished, after about 35 years, the land can be returned to forestry or other uses. The ground works carried out now will make it easier to plant forest in the area in the future, as there are fewer rocks in the surface layer.

European Energy also plans to undertake a series of actions to increase biodiversity. Exactly what not yet been decided, but proposals include a pond designed to favour amphibians such as frogs, extensive planting of berry and flowering shrubs, and sowing various meadow seeds. There are also plans to install stone cairns, leave dead wood, build insect hotels, sand habitats and erect birdhouses. There is also a discussion about having grazing sheep in the park. The next step in the project is to start installing the panels in the spring. 

“The goal is to have the solar park completed in 2024 and the entire facility will be producing green electricity for the grid by the end of the year,”

says Peter Braun. 

 

European Energy A/S and Mitsubishi HC Capital Inc. finalize EUR 700 million equity transaction

The agreement for Mitsubishi HC Capital Inc. to purchase a 20 percent stake in European Energy A/S has received approval from relevant authorities, and the transaction has been completed.

European Energy A/S (European Energy) has successfully completed the transaction with Mitsubishi HC Capital Inc. (Mitsubishi HC Capital), in which Mitsubishi HC Capital acquires a 20 percent stake in European Energy.

In connection with the transaction’s closure, European Energy has carried out a capital increase of 72,383,854 new shares, each with a nominal value of DKK 1.

In addition to the capital increase, Mitsubishi HC Capital also acquired approximately 2.8 million shares from the three major shareholders of European Energy.

European Energy will raise proceeds of approximately EUR 700 million. The increase in equity will be used to the continued growth of European Energy.

To strengthen future collaboration, Keiro Tamate, Deputy Managing Director at Mitsubishi HC Capital, has been elected as a new member of the Board of Directors at European Energy.

“The strategic partnership with Mitsubishi HC Capital will triple European Energy’s equity, enabling European Energy to further enhance its role in the green energy transition. Mitsubishi HC Capital’s international presence and strategic mindset will be invaluable on the growth journey that European Energy is currently on,”

says Jens Due Olsen, Chair of the Board of Directors at European Energy.

“We are looking forward to starting a new chapter in the story of European Energy. With our collaboration with Mitsubishi HC Capital, we will be able to further accelerate our growth and strengthen our impact in the fight against climate change,”

says Knud Erik Andersen, CEO and co-founder of European Energy.

“There is significant growth potential in European Energy, and we are excited to contribute our expertise and knowledge to the company in its new chapter,”

says Takuji Naruse, Managing Executive Officer and Head of Environment & Energy Business Division at Mitsubishi HC Capital.

Source: European Energy A/S

 

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