Ambitions and projects alike have recently become larger at Better Energy. Most recently in February, the company announced that it would establish a zero-subsidy, 125 MW solar farm in cooperation with clothing group Bestseller. Meanwhile, the project developer has a total of more than eight times that amount in its current development pipeline as well as an ambition to deliver 1 GW annually.
This ambition is now being assisted financially by a strategic partnership with Swedish investor Proventus Capital Partners, which is extending a credit facility of EUR 80 million to Better Energy for a multiple-year term– a loan that makes it possible to increase the rate of execution for new projects.
"The strong support underlines trust in our abilities and business model. We have reached a critical point in our growth, and we have a clearly defined plan for the coming years. It is a major step forwards in Better Energy's journey in the energy industry's transition to green technologies," says Chief Executive Rasmus Lildholdt Kjær.
Since its founding in 2012, Better Energy has gone through extensive growth, with revenue last year reaching EUR 56.8 million versus EUR 45.8 million the year before. Conversely, the aggressive developments have also increased the need for funding. By the end of the last fiscal year, the company thus had a negative working capital of EUR 8.6 million versus EUR 1.2 million one year prior.
Currently, Better Energy has established solar farms with a combined capacity of 229 MW and is so far active in eight countries. Its development projects amount to 1,281 MW.
English Edit: Jonas Sahl Jørgensen