Better Energy and the Swedish private investor P Capital Partners (PCP) have announced the start of a second round of funding for large-scale renewable energy investments. The new funds – €175 million obtained by Better Energy under a six-year loan agreement – will support further development in key markets: Denmark, Poland, Sweden, and Finland. In the first round of funding, the company raised €100 million from PCP.
The funds will accelerate the expansion of Better Energy’s large-scale renewable energy investment portfolio, with a capacity of over 13 GW. Primarily, they will cover costs associated with project development, from the planning stage to the commencement of green electricity generation. Better Energy prioritizes investments that allocate part of the land for implementing additional innovative and socially beneficial solutions and supporting biodiversity, generating added value across the region.
“Investors decide to provide further support for our operations after evaluating our results,” said Flemming Meineche, Director of Structuring and Financing at Better Energy. “At Better Energy, we focus on long-term partner relationships. The cooperation with PCP over the past four years has been successful, and we look forward to its continuation. The next loan agreement is a strong proof of trust and mutual understanding, and it will also help drive the green transformation,” he noted.
Better Energy will raise the €175 million from two PCP funds – Fund V and Transition Fund. Previously, in 2019, Better Energy received €100 million from the Swedish investor’s Fund IV. The key factors in PCP’s decision to grant additional financing to Better Energy were the company’s extensive competence in building and operating large-scale renewable energy investments and its rapid development prospects.
“We remain impressed by Better Energy’s ability to accelerate progress towards implementing a renewable energy-based power system in Northern Europe,” said Petter Lindblad, Investment Director at P Capital Partners. “Better Energy provides us and our investors with an opportunity to allocate funds needed for green energy projects,” added Petter Björklén, Managing Director at P Capital Partners.
