Copenhagen based “European Energy” has joined forces with the UK asset management company “Armstrong Capital Management” to jointly fund the creation of a solar storage pipeline between the UK and Denmark, promising a storage capacity for more than 500MW.
Thorvald Spanggaard, Project Director at European Energy said: “We are already working on developing our own portfolio of wind and solar sites but have been looking for some time for local partners to help us to accelerate our development activities.”
Both companies have a proven track record of establishing and delivering on high quality renewable projects across the world.
2019 was a record year for renewable electricity generation in Denmark with half of Denmark’s electricity consumption originating from renewable generation. The Danes are a front runner in renewable technologies and development. Wind alone accounted for 47% of Denmark’s power usage in 2019. Demark has even bigger plans to open what would be its largest windfarm in 2021 in the Baltic sea named Kriegers Flak. Its nearest rival in this field is Ireland which sourced 28% of its power from wind. This illustrates just how far ahead of the pack Denmark is in renewable generation. Denmark is the world’s largest developer of offshore wind and has the ambition to have 100% of the country’s electricity powered via renewables by 2050.
This news comes a month after the announcement that Balfour Beatty (an international construction & infrastructure group) has been awarded a £90 million contract for onshore works to connect the UK & Danish power girds.
The interconnector project will provide a 475-mile-long link between Lincolnshire and Jutland, providing electricity for over 1 million UK homes. Work on this project has commenced this month and is scheduled to be finished by the end of 2023.
Both recent deals will steer the UK toward more renewable sources of energy providing an important role in decarbonizing the UK. Furthermore, it will open economic opportunities with our European neighbours post Brexit.
United Gas & Power supplies 100% renewable power. For a no-obligation quote that’s guaranteed to beat your renewal rates, with a 5 star UK based business energy supplier (as rated on Trust Pilot), contact us on 0800 669 6697.
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