Hydro Rein, a provider of renewable energy solutions, and Commerz Real have decided to establish a joint venture with equal ownership in order to acquire and develop two early-phase solar projects in Jylland, Denmark, with a combined capacity of 362 MW. For an undisclosed sum, the projects will be purchased from Danish developer GreenGo Energy.

According to the agreement, GreenGo Energy will continue building the two facilities, which have a combined peak capacity of 170 MW and 192 MW, until they are ready to begin operating. These solar power plants are expected to generate 412 GWh of renewable energy yearly when used collectively. Hydro Rein and Commerz Real intend to expand the portfolio to 1 GW. The site’s construction projects are anticipated to start in 2024. Clean energy production from solar farms is anticipated to begin in 2026.

In June 2022, Green Investment Group and Hydro Rein agreed to form a joint venture to build and operate a 586 MW wind and solar power plant in Brazil’s northeast. The wind and solar hybrid project, named Feijo, would be developed in the Brazilian states of Piaui and Pernambuco. Feijo would be equipped with 80 wind turbines by Nordex, a wind turbine manufacturer.