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Danish sustainable development fund invests in Better Energy solar project

The Danish SDG fund has made its first investment in a solar farm developed by compatriot company Better Energy.

Photo: Better Energy

Danish Sustainable Development Goals (SDG) Investment Fund has invested DKK 37 million (EUR 4.96 million) in a Ukrainian solar farm developed by Better Energy, informs the Danish solar energy developer in a press statement.

The fund's investment corresponds to slightly less than one-third of the total projected investment sum in the solar facility, which has a capacity rating of 19.1 MW.

In short summary, the Danish SDG Investment Fund was established to provide support for the UN's world goals for sustainable development. It is a public-private fund in which the Danish state, the Investment Fund for Developing Countries (IFU), Danish labor market pension fund ATP as well as several private investors such as Danish pension funds PensionDanmark, PFA, JØP/DIP, Pensam and Navest have contributed capital.

The fund was launched in June 2018 with an initial capital commitment of DKK 4.1 billion.

"We need to work in partnership with the private sector to deliver on the 2030 Agenda. Acceleration towards the SDGs requires a new approach. The Danish SDG Fund was highlighted at the international P4G summit in Copenhagen in October as a leading example of a public-private partnership for targeted investment in the SDGs. This project in Ukraine is a good illustration of how it works," writes Danish Minister for Development Cooperation Ulla Tørnæs in the statement.

The Ukrainian solar farm is Better Energy's first investment in the country, but the Danish solar company adds in the statement that further facilities are underway.

"Ukraine is a market where Better Energy technology has the potential to deliver on our purpose: impact that matters. This pilot project provides a toehold from which further progress can be made. A fitting kickstart to a future cooperation with IFU and the SDG fund," says Mark Augustenborg Ødum, executive vice president of markets & project finance for Better Energy.

English Edit: Daniel Frank Christensen

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