Better Energy stabilises its business with new operating company
With the establishment of Better Energy Management A/S as a new operating company, adapted to current market conditions, Better Energy is restoring sustainable operations. The parent company, Better Energy Holding A/S, continues to work towards successful restructuring.
Better Energy restores sustainable operations and secures additional funding
Better Energy Management A/S is now fully established with an organisation of approximately 100 people. The company is right-sized for the current market environment and backed by financial support from P Capital Partners.
With an experienced team in place, Better Energy Management A/S is well-positioned to continue delivering services that support the green transition, while mitigating risks associated with changing market dynamics. Going forward, Better Energy Management A/S will serve as the management company for the Better Energy group and provide services for activities in asset management, EPC management and project development.
Asset management services include the operation and maintenance of operational solar parks, management of the project companies that own the solar parks and management of power sales from the parks. The total portfolio comprises around 2 GWp of installed solar energy capacity.
EPC management focuses on overseeing construction and infrastructure activities related to solar park projects. This includes the completion of several ongoing renewable energy projects, while also supporting the realisation of future solar parks combined with battery energy storage solutions.
“Restoring sustainable operations through the establishment of Better Energy Management A/S has only been possible due to the patience and support shown by our customers, suppliers, financiers and other partners. A special thanks goes to the many employees who have delivered an enormous and absolutely crucial effort over the past several months,” says CEO of Better Energy Rasmus Lildholdt Kjær.
Work on the Danish development portfolio continues
The Better Energy group continues to hold a significant development portfolio in Denmark, comprising approximately 30 renewable energy projects in various stages of development. These projects are each structured into individual group companies, which have not been subject to restructuring proceedings.
With the Better Energy Management A/S organisation now in place, efforts are focused on advancing the development projects that can make a significant contribution to the green transition in Denmark. Together with landowners, municipalities and grid operators, the job is to prioritise the right projects to align green electricity production with demand.
“It is about, on the one hand, avoiding a short-term oversupply of green electricity in the current market situation, but on the other hand, helping ensure that there will be sufficient green electricity to produce in the future when society’s electrification is expected to speed up again,” says Rasmus Lildholdt Kjær.
Long-term financial sustainability and market adaptation
The creation of a dedicated management company reflects a prudent financial strategy, enabling Better Energy to align its cost structure with prevailing market conditions. This also entails the divestment of certain assets and activities within the Better Energy group, a process which the management company will contribute to.
The new operating company ensures stability and continuity to the core deliverables for customers –corporate offtakers of green electricity, banks providing finance to solar parks and investors owning the solar parks. It also ensures essential stability and continuity for Better Energy Holding A/S in serving as the management company for the entire group. As such, it is an important step in the right direction in ensuring a successful restructuring of the parent company, Better Energy Holding A/S.
"We firmly believe in the long-term viability of Better Energy and its essential role in driving Denmark’s renewable energy transformation. The establishment of Better Energy Management A/S is a decisive and positive step towards securing stability while ensuring that key renewable energy projects continue to thrive. As a committed financial partner, we will continue to work together with other stakeholders in order for Better Energy to achieve its strategic objectives and reinforce its leadership in sustainable energy solutions," says Chairman of P Capital Partners Anders Thelin.