Successful December Divestments Highlight Renewable Market Surge

solar farm

In December 2023, Danish energy company European Energy successfully completed the sale of three renewable projects across Europe, collectively surpassing 100MW in capacity. The projects divested include the Bubney solar farm in the UK, boasting a capacity of 40.4MW, and the Bloosballich wind farm in Germany, a 12.6MW wind facility equipped with three Enercon turbines.

The Bubney solar farm, situated in Shropshire, West Midlands, commenced construction in September 2022 and was grid-connected by August of the following year. Elm Trading Group, an independent power producer, acquired this project from European Energy.

Meanwhile, the Bloosballich wind farm, located in Saxony Anhalt, Germany, consists of three 4.2MW Enercon turbines and was commissioned the previous month. A local family office emerged as the buyer for this wind farm.

Reflecting on the divestments, European Energy’s Deputy CEO, Jens-Peter Zink, highlighted the robust market interest in their renewable energy projects, citing a growing belief that the central bank rate hiking cycle had concluded. Zink expressed satisfaction with the company’s performance throughout the year, noting successful project development, power production, and divestments.

In 2023 alone, European Energy sold more than 1.1GW of projects, spanning various countries, including Denmark (356MW), the US (346MW), Italy (237.4MW), the UK (107.4MW), and Germany (75.6MW). Notably, the company had previously divested a 50% stake in a 163MW Italian solar farm to asset management company Sosteneo, with expectations of generating 350GWh annually, meeting the energy needs of approximately 80,000 homes and contributing to an annual CO2 savings of 98,000 tons.