Greentech Teams Up With Foresight for U.S. Solar as Europe WanesSally Bakewell
Greentech Energy Systems A/S, a Danish renewable-energy developer, agreed to invest in U.S. solar plants with Britain’s Foresight Group LLP to expand outside Europe.
The companies will invest in an initial 100 megawatts of solar projects, both operational and under development, Copenhagen-based Greentech said today in a statement. The partners will set up a joint venture for their collaboration, to be held 51 percent by Greentech and the rest by Foresight.
Greentech is seeking to add business outside Europe, where nations including Spain, Germany and Italy have pared support for solar power to stem unsustainable growth. By targeting the U.S., it can benefit from state-level incentives that may drive at least 3.9 gigawatts of solar installations this year, up from 3.2 gigawatts in 2012, Bloomberg New Energy Finance data show.
“By entering the U.S., which is one of the world’s most important and attractive renewable-energy markets, Greentech will diversify out of Europe,” Chairman Peter Hostgaard-Jensen said in the statement. Foresight, based in Sevenoaks, southern England, manages about 700 million pounds ($1.05 billion) raised from institutional investors, individuals and pension funds.