European Energy expands its position as a key player in the green energy transition by partnering with Mitsui & Co., Ltd., who will acquire a minority stake in European Energy’s solar park and e-methanol production facility Kassø in the municipality of Aabenraa, Denmark – the largest transaction in European Energy’s history, according to the company's release.
Mitsui & Co., Ltd. (Mitsui), the Japanese trading and investment company, will acquire 49 percent of the 304 MW Solar plant in Kassø and the connected e-methanol facility from European Energy, the renewable energy and green fuel developer.
The Kassø solar park is the largest in Northern Europe, and the e-methanol facility will, when operational in 2024, be the world’s largest, producing up to 42,000 tons of e-methanol annually.
With this move, European Energy collaborates with an experienced global partner in renewable energy and methanol production, accelerating progress across this emergent green industry.
The plant’s e-methanol production will be essential to decarbonize the heavy transport sector and replacing methanol in plastic production with a lower-carbon alternative.
As has previously been announced, A.P. Moller – Maersk, the LEGO Group, and Novo Nordisk are already onboard as off-takers of the e-methanol, with delivery slated to begin in 2024.
The e-methanol facility will be powered by the connected solar park and connected to the Danish transmission grid, which will assist in balancing it. Furthermore, the excess heat from the hydrogen production will be used for district heating and provide heating for more than 2,000 households in the area.
The Danish and EU authorities shall approve the transaction.
European Energy is a Danish developer of solar and wind farms and Power-to-X solutions. Founded in 2004, the company has since developed and built almost 4 GW of renewable energy and is currently present in 28 different countries. European Energy aims to be a major global force in driving the green transition and has a current pipeline of more than 60 GW of renewable energy projects.
Mitsui & Co., Ltd. is a global trading and investment company with a diversified business portfolio that spans 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners.