The solar energy company Better Energy is undergoing major changes in an attempt to stabilize its finances. The parent company, Better Energy Holding A/S, continues its restructuring, while two subsidiaries, Better Energy A/S and Better Energy Denmark A/S, have filed for bankruptcy. About 80 employees are losing their jobs.
The reason for the bankruptcy is that it has not been possible to raise enough capital to save the entire group, despite a collaboration with Carnegie Investment Bank. Therefore, the management has decided to close the two subsidiaries, while the parent company continues to work on a more sustainable business model.
As part of the plan, a new company, Better Energy Management A/S, has been established. It will handle construction and operational activities as well as the operation of existing solar parks.
The individual solar parks and future projects are independent legal entities and are not affected by the bankruptcy. Better Energy will continue to provide status updates - next time in two weeks in week 11.
Large projects in Guldborgsund and Vordingborg
In January 2024, Better Energy entered into a partnership with the energy and fiber network group Andel for a billion-investment in new energy parks in Denmark. The partnership planned to establish around 15 solar parks between 2024 and 2028, of which the first four were to be ready in the municipalities of Sorø, Vordingborg, Guldborgsund, and Næstved. These parks were expected to supply electricity equivalent to the annual consumption of approximately 490,000 Danes.
It is still uncertain how the current restructuring will affect this partnership and the planned projects.
