European Energy’s North American division, EE North America, has purchased a majority stake in two solar projects in the US state of Colorado – Sandy Hill and Sand Dune – which total 700 MW. The projects have been acquired in a joint venture with Horus Energy. The acquisition, the value of which was kept under wraps, marks EE North America’s entry into the Colorado market.
The transaction expands EE North America’s existing solar pipeline under development to 2.5 GW. The projects are located in Texas, Arizona, New Mexico, and Colorado. The company is one step closer to its goal of developing a 10 GW portfolio of renewable energy in the US by 2026, enough to supply 7.5 million homes. Construction work on the projects is expected to begin in 2025, and they will be connected to the Public Service of Colorado network.
In February 2023, European Energy reached the milestone of 1 GW of production capacity in owned assets after connecting two wind farms, Ouro Branco II and Telsiai I, to the Brazilian grid the previous month. Also in January 2023, the company connected a 101 MW solar plant in the municipality of Viborg, central Jutland, Denmark, to the Danish electricity grid. The solar project, which was in development from 2019, will supply 22,000 households with clean energy.
REGlobal’s Views: The United States is becoming one of the most sought after renewable energy markets worldwide after the introduction of the Inflation Reduction Act. Thus, significant acquisition activity is occurring in the US solar market as large developers are expanding their markets shares quickly.