Real asset investment manager Commerz Real has entered the Danish solar market with the acquisition projects via an investent joint venture with Hydro Rein.
Commerz Real said it has teamed up with Hydro Rein to buy two solar park projects with a 362MWp total capacity from Danish developer GreenGo Energy for an undisclosed sum.
The solar projects are located on Denmark’s west coast and in south Denmark. Construction is scheduled to commence in 2024, and completion is expected for 2026.
Commerz Real said the newly created joint venture with Norsk Hydro’s subsidiary intends to acquire further project developments with an additional solar power capacity of as much as one gigawatt-peak.
Barkha Mehmedagic, the global head of institutional sales and group treasury at Commerz Real, said: “The Danish investment market for photovoltaic is still relatively young and is seeing a correspondingly dynamic development. This offers the potential for growth and diversification for our institutional investors in particular.
“With Hydro Rein and GreenGo Energy we also have experienced partners firmly rooted in the Scandinavian market by our side.”
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