European Energy and Novo Holdings announce joint venture to triple renewable energy capacity of German onshore wind parks

A partnership between Novo Holdings and European Energy will repower 17 operational wind parks in Germany with new and more efficient wind turbines.

COPENHAGEN, Denmark, Dec. 23, 2024 /PRNewswire/ -- The respective wind parks went operational between 2002 and 2008, and since then, significant advances have been made in wind turbine technology, resulting in more efficient, higher-capacity turbines that can generate substantially more energy from the same wind resources.

Novo Holdings and European Energy aim to replace these outdated wind turbines in the 17 German wind parks with modern turbines capable of generating significantly more renewable energy.

Currently, the wind parks have a combined capacity of 151.9 MW, which is expected to more than triple following repowering. Once operational, the updated wind parks are projected to generate over 1,100 GWh of electricity annually – equivalent to the energy consumption of around 290,000 European households.

The projects have already secured most rights and are in advanced stages of development. They are expected to achieve ready-to-build status between 2025 and 2027 and are forecast to become operational between 2027 and 2030.

Novo Holdings and European Energy have previously partnered in 2021, when they launched a collaboration with Sampension to develop solar and wind farms in Denmark and Sweden. The partnership focuses on purchasing land for renewable energy projects while exploring ways to combine energy production with biodiversity and climate benefits.

The new repowering projects in Germany mark a continuation of this collaboration, reinforcing a shared commitment to drive the energy transition and thereby contributing to a more sustainable future.

Jens Peter Zink, Deputy CEO of European Energy, said: "We are delighted to expand our excellent collaboration with Novo Holdings on so many renewable energy projects in Germany. With the increasing demand for electricity driven by the electrification of German society, it is only natural to commission more efficient wind turbines in existing wind farms. European Energy has extensive experience in repowering existing wind farms in Germany, and we intend to bring that expertise to these new projects."

Morten Beck Jørgensen, Managing Partner, Capital Investments, Novo Holdings, said: "We are pleased to announce this investment in the onshore wind industry, further emphasising our commitment to supporting the transition towards renewable energy sources. European Energy's expertise in repowering projects and Germany's support for onshore wind create an attractive investment case that advances the renewable energy agenda and showcases the impact of strategic partnerships."

About European Energy A/S
European Energy is a renewable energy developer founded in 2004. The company develops and constructs renewable energy projects around the world. Based in Copenhagen, Denmark, the company has a strong track record developing projects in 17 countries. European Energy has a development pipeline of more than 65 GW of renewable energy projects. European Energy is an international organisation with employees from 43 different national backgrounds. By 2024, the European Energy Group has expanded to 800 highly skilled professionals. www.europeanenergy.com

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people's health and the sustainability of society and the planet. The Foundation's mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.