Stockholm (NordSIP) – ATP, the biggest pension fund in Denmark, announced it invested in Better Energy, a leading Danish developer and owner of solar parks. After the transaction, ATP owns approximately 15% of Better Energy and will have a seat on the company’s Board of Directors.
Better Energy – Solar Leader in Northern Europe
Better Energy is a renewable energy company founded in 2015. The company seems to be owned by Danish and Swedish shareholders. It is one of the fastest-growing suppliers of solar energy in Northern Europe, with a pipeline of over 10 GW large-scale solar parks to supply companies, cities and countries with green energy that reduces CO2 emissions, supposedly at cheaper prices than coal, oil and gas.
ATP’s investment allows Better Energy to continue to scale up, as the company’s portfolio of solar parks owned directly grows. “In 2020, Better Energy completed the transition from being a developer to a renewable energy company. This means that we will keep owning solar parks directly, and this obviously requires a different level of capital. ATP’s investment will help to ensure and maintain the momentum in all our markets,” says Rasmus Lildholdt Kjær, CEO of Better Energy.
“The necessary green transition and the European desire to free itself from reliance on Russian natural gas require a significant expansion of renewable energy sources. The demand is increasing, and there is a need to invest in green energy – also on land. An investment in Better Energy contains opportunities for ATP to generate attractive returns and it will also make a positive contribution to reducing CO2 emissions,” says Mikkel Svenstrup, Chief Investment Officer at ATP.
Mutual Appeal
For ATP, Better Energy’s approach of early involvement with local communities and local value creation has been a big plus. “We are faced with a major change to Europe’s energy systems, and we will be living with the decisions that we make now for many years in the future. Better Energy has demonstrated that they consider both the local value creation of the solar parks and the projects’ place in the greater electrical system,” Svenstrup adds.
For Better Energy, it has been critical to find an investor that shares its values and who is keen to ensure that the development of solar parks takes place in an optimal manner. “It was a big plus for us that ATP is all of Denmark’s pension company. During our talks, we have spent a lot of time ensuring that we are a good match, and we appreciate and believe that we can live up to the great responsibility that comes with 5.5 million people in Denmark being co-owners of our solar parks,” Kjær concludes.
