European Energy A/S (European Energy) and Mitsui & Co. Ltd. (Mitsui) are pleased to announce the successful closing of the transaction regarding the partial sale of Kassø Midco Aps (which owns the combined 304MW Kassø solar farm and the world’s largest commercial scale e-methanol facility).
As a result of the transaction, Mitsui will become owner of a 49% stake in the combined asset. The transaction was first made public on 5th July and has now received approval from both Danish and European authorities.
The partnership between European Energy and Mitsui will provide opportunities for both companies to further develop sustainable e-methanol projects based on renewable energy.
– It has been a fruitful process with Mitsui, and we are confident that our partnership will set new standards for how the e-methanol market can be developed to meet the strong demand, says Knud Erik Andersen, CEO of European Energy.
– We are looking forward to working with European Energy at the world’s largest commercial scale e-methanol facility located in Denmark. Global energy transition is one of key strategic initiatives for Mitsui, thus we are excited to commence this new business opportunity with European Energy in light of global climate action. Together, we aim to explore new horizons and make tangible contributions to the upcoming low-carbon space, Junji Fukuoka, Managing Officer, Chief Operating Officer of Basic Materials Business Unit of Mitsui & Co., Ltd. said.
The Kassø solar farm, fully operational since H1 2023, is an example of progress in renewable energy solutions in the Nordics. Kassø solar farm is the biggest solar farm in the Nordics with an output that is equivalent to the electricity consumption of more than 80,000 European households. The solar farm is connected to the Danish transmission grid and with the addition of the large e-methanol plant, the combined facility will be able to assist with the balancing of the grid.
Kassø e-methanol facility is currently under construction and will be operational during the first half of 2024. Later this year, the entire electrolyzer capacity of 52MW will be installed with the first 17.5 already in place. The facility will supply e-methanol to offtakers in three different sectors, including Maersk, Novo Nordisk and the LEGO Group, and will allow them to replace products that would otherwise result in the emission of fossil CO2. Furthermore, the Power-to-X facility will produce excess heat that will be utilized to provide district heating for around 2,500 local households.
