Better Energy Holding A/S completes restructuring
Better Energy has completed its restructuring process and now operates from a stable foundation, positioned to create long-term value and deliver on its role in the green transition.
At a hearing in the Danish Maritime and Commercial High Court (Sø- og Handelsretten), the restructuring proposal was today approved by eligible creditors.
The restructuring was initiated on 19 December 2024 in response to a combination of adverse market conditions, increased risk from grid restrictions, delayed demand and volatile power prices. Together, these factors increased the Group’s risk profile, raised return requirements and reduced investor appetite, which impacted Better Energy’s business model.
As part of the exit from restructuring, Better Energy Holding A/S and its creditors have agreed on a five-year moratorium. The agreement provides a stable financial framework under which creditors refrain from enforcing claims or demanding repayment during the moratorium period, allowing Better Energy to focus on rebuilding operations and strengthening its long-term financial position. The arrangement reflects a shared commitment to a controlled and value-preserving recovery.
The restructuring proposal included the 2024 annual accounts and an updated business plan aimed at optimising asset value and maximising debt recovery.
Asset revaluation and equity impact
The 2024 financial result was heavily impacted by impairment and re-measurement of assets. Total impairment amounted to DKK 2,271 million, reflecting updated market assumptions for power prices, capture rates, grid availability and costs, and discount rates. As a result, the Group reported a loss before tax of DKK 2,038 million.
The decrease in equity primarily reflects accounting impairments, not realised losses. These write-downs align the Group’s assets with current market conditions.
Strategic realignment and execution during 2025
Through dedicated efforts during 2025, Better Energy successfully advanced the restructuring process and safeguarded long-term value.
As part of the restructuring, the Group transitioned its strategic focus from an independent power producer (IPP) model to a service-based business model designed to provide a more predictable revenue base and cost structure, without the direct exposure to financial or investment risks associated with renewable energy projects.
Better Energy Management A/S was established as the new operating company, providing services within asset management, EPC management, development and transactions. The company operates from a stable foundation with a streamlined and efficient organisation, right-sized for the prevailing market conditions and activity level.
Throughout 2025, Better Energy also maintained strong momentum in its core activities. The Group continued operations of existing solar parks and completed five additional parks from its construction portfolio. These parks were successfully grid connected during the year and became fully operational, adding a total capacity of 491MWp.
Business plan and outlook
The approved restructuring plan includes a business plan for the moratorium period, aimed at optimising asset value across the Group, reducing financial leverage and divesting non-core assets. The plan sets out clear priorities for each asset group, including performance optimisation and strategic timing of divestments.
The five-year moratorium agreement provides the financial stability and time needed to deliver on these objectives. It establishes a carefully structured framework for long-term realisation of value, rather than a short-term solution.
The operating company, Better Energy Management A/S, is fully aligned with the business plan and has a cost base that matches current activity levels and market conditions. The organisation has the competence and capacity to execute the plan and maximise value for all stakeholders.
A new chapter
Better Energy has emerged from a challenging period with renewed confidence and control over its operations. With a new Board of Directors, a continued management team and experienced industry professionals, the Group is well positioned to move forward with a clear strategy and a solid foundation.
The focus now is to follow the business plan over the next five years to deliver strong operational performance and realise the best possible results in the market.
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