Better Energy lands massive investment from ATP, one of Europe’s largest pension funds – pv magazine International
With a significant investment in Better Energy, ATP makes one of their largest investments of the year. The three-digit million EUR investment is part of Better Energy’s ambition to scale green energy production across their markets of Denmark, Sweden, Finland, and Poland.
In the midst of a European energy crisis and a global climate crisis, Danish ATP is now investing directly in a leading developer and owner of solar parks in Northern Europe. After the transaction, ATP owns approx. 15 % of Better Energy and will have a seat on the company’s Board of Directors. The investment cements the central role of solar power in the future energy mix in Europe.
Number one in solar energy in Northern Europe
Better Energy is one of the fastest growing producers of solar energy in Northern Europe with a pipeline of more than 10 GW of large scale solar parks that will supply companies, cities and countries with green energy that reduces carbon emissions, boosts biodiversity, and is cheaper than coal, oil and gas.
The investment from ATP is a lever for Better Energy’s continued scaling across their active markets of Denmark, Sweden, Finland, and Poland.
“In 2020, we completed our transition from developer to renewable energy company. We are on the first few pages in the next chapter in the green transition, where it’s all about rolling out and accelerating scalable renewable energy production. The investment from ATP helps boost our momentum in all our markets, not least Poland where the need for cheap, green energy is almost insatiable,” says Rasmus Lildholdt Kjær, CEO of Better Energy.
Better Energy push for Polish PV with immediate climate impact
Polish electricity generation is currently dominated by fossil fuels, with more than 70 percent of electricity being generated from coal. The positive environmental impact of additional renewable energy resources in Poland is therefore significantly higher than in many other countries.
The investment from ATP further strengthens Better Energy’s push to develop subsidy-free large scale solar parks in the country. Better Energy Poland already has Postomino 30 MW and Polanow 30 MW projects under operation. There are more projects in the last stage of construction and soon these projects will be connected to the grid: Nidzica 74 MW DC, Kleczew 74 MW DC, Krapkowice 28 MW DC.
Better Energy is securing more projects to be built for the coming years as part of a +1 GW Polish pipeline. This ensures that even more Polish-based companies can buy subsidy-free, cheap energy directly through Power Purchase Agreements (PPAs) and have a concrete impact on the green transition.
ATP: The world urgently needs green energy
For ATP the commitment to Better Energy supports their desire to play a significant role in the green transition through investments, and at the same time, the investment meets the primary criterion of being able to ensure an attractive, risk-adjusted return for its members.
“For the sake of the necessary green transition and in order to free Europe from its dependence on fossil fuels, we require a significant expansion of renewable energy sources. Demand is increasing, and there is a need to invest in green energy – also on land. An investment in Better Energy will contribute positively to CO2 reductions and is also an exciting opportunity to achieve an attractive return,” says Mikkel Svenstrup, CIO in ATP.
