16 March 2023
Today's Top Nordic Green News:
- Marine energy company Minesto raises SEK 120 million through rights issue
- Equinor acquires additional 3.1% stake in Norwegian Scatec for NOK 305 million
- Danish Power-to-X Industry seeks risk capital and infrastructure support to scale up green fuels production
Marine energy company Minesto raises SEK 120 million through rights issue
Swedish marine energy technology company Minesto AB has announced the preliminary outcome of its rights issue, which indicates that 54.1% of the shares offered have been subscribed with the support of subscription rights. Additionally, 3.8% of the offered shares have been subscribed for without the support of subscription rights. The subscription price in the rights issue was SEK 5.20 per new share, and the offering will add approximately SEK 120 million to the company before transaction costs. The final outcome of the rights issue is expected to be published on 16 March 2023, with trading of the new shares on Nasdaq First North Growth Market to begin on 29 March 2023.
Equinor acquires additional 3.1% stake in Norwegian Scatec for NOK 305 million
Equinor, the Norwegian energy company, has acquired 3.1% of the shares and votes of Scatec, a Norwegian renewable energy company, for NOK 305 million. Equinor now owns a total of 16.2% of Scatec's shares and votes. The acquisition is in line with Equinor's strategy for growth in renewable energy, and the company has been working constructively with Scatec's management since 2018. Equinor and Scatec have collaborated on several solar development projects, including in Brazil and Argentina.
Danish Power-to-X Industry seeks risk capital and infrastructure support to scale up green fuels production
Danish Power-to-X (PtX) players are struggling to raise risk capital to produce new green PtX fuels on a large scale, despite it being one year after the Danish government adopted the first political agreement on Power-to-X fuels. While there are numerous hydrogen and PtX projects under development worldwide, the majority have yet to make a final investment decision. Access to risk capital, therefore, becomes a key prerequisite in moving from vision and strategy to realised projects. Green Power Denmark and Danmarks Eksport- og Investeringsfond convened actors from the energy and finance sectors to discuss solutions to create a Danish PtX industry.
The core challenge identified was the significant cost gap that exists between fossil fuels and new fuels produced from green electricity, hydrogen and more. Among the proposed solutions are scaling, a higher price for CO2 and cheaper financing. Hydrogen infrastructure, meaning hydrogen pipes, is crucial for the success of a burgeoning PtX industry, which is struggling to move from the demonstration stage to large-scale production of new PtX fuels. The lack of an established infrastructure has delayed several billion-dollar projects, with potential investors holding back until a solution is presented. Another significant threat to green PtX fuel production in Denmark is the number of offshore wind projects under the open door scheme that have been put on hold.
Copenhagen Infrastructure Partners (CIP) is calling for Denmark and Europe to catch up with the US on green hydrogen, with the introduction of a deduction system for producers. The EU is set to unveil a new support mechanism, called the Hydrogen Bank, which will distribute support for the production of green hydrogen through a simple auction mechanism. The first tender of USD 800 million will be open for applications this autumn, with the funds being distributed among at least three projects across the EU's 27 member states.
Green Power Denmark, Green Power Denmark
OX2 signs management agreement for Greencoat Renewables' Swedish wind farm with 36 turbines
Swedish renewable energy company OX2 has signed a long-term management agreement with Greencoat Renewables for their operational Ersträsk Syd wind farm in Sweden, which consists of 36 Enercon turbines generating 101 MW. The contract includes technical, commercial and financial management and support in the takeover of another park. OX2 will also manage the other wind farm, currently under construction, once commissioned. Currently, OX2 manages almost 500 MW of Enercon turbines in the area. Greencoat Renewables invests in renewable energy assets in Europe, focusing on wind and solar power in selected countries with stable renewable energy regulations.
Norwegian bio-e-methanol producer Glocal Green hires Danish consultancy Rambøll to establish new factory on Øyer
Norwegian bio-e-methanol producer Glocal Green has hired Denmark’s Rambøll as advisors to establish a new factory on Øyer, which will be able to produce up to 170,000 tonnes of biomethanol annually. Rambøll will carry out regulatory work related to the industrial site and offer services related to feasibility studies, environmental technology and safety. Glocal Green aims to use residual material from forests and the wood industry, as well as sludge from fish farms as supplementary raw materials, to produce green bio-e-methanol, which is equivalent to fuel for 8,000-10,000 hydrogen cars daily. The methanol market is expected to grow, especially within the maritime sector, where demand is high.
Ørsted acquires 160 MW Irish solar project to reach onshore capacity goal
Danish renewable energy company Ørsted has acquired the Garrenleen solar project in Ireland from Terra Solar. The 160 MW solar farm will be one of the largest in the country and will be able to power up to 56,000 homes annually. Phase 1 is expected to be delivered in 2025, with phase 2 completed in 2026. The acquisition is part of Ørsted's goal of reaching 17.5 GW of onshore capacity by 2030. The company already operates 360 MW of onshore wind in Ireland, producing enough green electricity to power 230,000 homes.
What we’re reading
- EU Parliament votes to reduce member states’ emissions by 40% (European Parliament)
- EU to launch new round of climate-related stress test in financial sector (Seneca ESG)
- Germany forms alliance with Eastern European countries to oppose EU’s planned phase-out of combustion engines (Seneca ESG)
- Brussels to curb imports of Chinese green tech (Financial Times)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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