The wind and solar farms, as well as the big green energy storage system, are built by European Energy. We are developing climate change solutions.
Compared with coal, oil, and gas, wind and solar power are fully competitive in price. Nevertheless, as we sincerely believe, it is a market rather than a participant that holds the solution to climate change, we’re working hard to make newly built wind and sunfloors competitive against existing coal and gas generators.
Together with our clients, major renewable energy firms and utilities that provide residential green energy or district heating, European Energy achieves the aims. In close cooperation with ambitious institutional investors, i.e. pension funds who look for a low-risk investment that will lead to a better future, we are building the parks.
The operating Zinkgruvan wind farm in Sweden has been sold to a German asset management firm for an undisclosed sum by Danish developer, European Energy. Completed and connected to the grid earlier this year, the 53,2MW project is located 70 kilometers north of Linkoping, close to the northern end of Lake Vattern.
Zinkgruvan (pictured) consists of 14 GE turbines with a 3,8MW capacity, 137 meters rotor size and 110 meters high core. “Zinkgruvan has entered into a 10-year offtake agreement with a big international utility” is one of its main components in the energy market.
“We are delighted to have succeeded in selling our first project in Sweden and in securing a multi-year deal with a major operator,” said CEO Knud Erik Andersen. European Energy now expects income to hit € 35-37 million before tax in 2019, up from its estimate of € 30-35 million in 2019.
The expected EBITDA for 2019 was upgraded from € 40 to 45 million and raised to € 47 million.