Danish financial investor to take a 50,1 percent stake in the 24 million Euro Younicos system
"The game-changing approach we are pioneering on the island of Graciosa has convinced Recharge A/S, a Danish financial investor focused on sustainable and green energy systems with strong impact potential, to take a 50.1 percent stake in the 24 million Euro system."
Construction of the world’s first megawatt-scale grid-forming renewable energy system is well under way. The project’s intelligent battery system will enable up to 100 percent spontaneous renewable power penetration and allow the Portuguese island to replace around two-thirds of its fossil fuel generation with cheap renewable energy. Younicos technology is not only helping to drastically reduce CO2 emissions, but it is also lowering energy costs since expensive imported Diesel fuel is replaced by locally produced renewable energy. Under the terms of the Power Purchase Agreement (PPA) with local utility EDA, which was just ratified by Portuguese regulator ERSE, the resulting savings are shared between the investors and Portuguese end consumer.
Younicos and battery provider Leclanché are also working on bringing similar solutions to the other Azorean islands and beyond.