Danish renewables developer European Energy A/S on Friday announced that it has wrapped up the sale of a 49% stake in the power-to-X vehicle that owns a 304-MW solar farm and associated e-methanol facility in Kasso, Denmark.
The company sold the stake to Japanese trading and investment company Mitsui & Co (TYO:8031) for an undisclosed sum. The announcement comes after the European Commission approved the transaction weeks earlier.
The deal enables European Energy and Mitsui to run the business as joint venture partners.
The Kasso power-to-X complex consists of a solar farm connected to a 52-MW e-methanol facility. The solar farm has been fully operational as of the first half of 2023, while the e-methanol plant is currently under construction, European Energy said in Friday’s update.
The partners expect the facility to produce up to 42,000 tonnes of e-methanol per year.