European Energy Divests to Reinvest in U.S. Projects
Copenhagen-based renewable energy developer European Energy (EE) has sold its largest U.S. solar farm to an undisclosed buyer. The move aligns with the company’s strategy to recycle capital into new renewable energy projects across the country. EE, which specializes in solar, onshore and offshore wind, power-to-X, and battery storage projects, entered the U.S. market in 2021 and operates out of Austin, Texas.
Lorena Ciciriello, chief executive of EE North America, emphasized that the sale is a key part of the company’s broader plan for expanding its renewable energy portfolio in the U.S. “Our goal in the U.S. is to create a broad portfolio of renewable energy solutions, and this sale is an important step in realizing our strategy,” she stated.
Second Major U.S. Solar Sale
This transaction marks EE’s second major divestment in the U.S. since it began operations in the country. The Danish firm has now sold a total of 800 megawatts (MW) of solar capacity. In 2023, it divested its first U.S. solar project, the Yellow Viking farm in Texas.
Although the company has not disclosed the location of the recently sold solar farm, it is expected to generate approximately 1,389 gigawatt-hours (GWh) of electricity annually. That amount is enough to power around 128,000 American households, reinforcing the significant role of large-scale solar projects in the country’s energy landscape.
Despite the sale, EE remains committed to growing its presence in the U.S. market. “We remain committed to developing renewable energy projects in the USA that drive local growth and create jobs,” said Thorvald Spanggaard, EVP and head of project development at European Energy.
Renewable Energy Outlook in the U.S.
EE’s decision to sell its largest solar farm comes at a time of uncertainty for the renewable energy sector in the U.S. While the company has reaffirmed its commitment to future projects, the broader landscape remains unclear. Federal policies and incentives for solar and wind energy are shifting, leaving developers and investors speculating about the long-term outlook.
As the U.S. government reassesses its stance on renewable energy, firms like European Energy may take a cautious approach in committing to new projects. The sale of the solar farm provides EE with additional capital, but whether it reinvests immediately or waits for more policy clarity remains to be seen.
Visit Oil Gas Energy Magazine for the most recent information.
