The collapse of Denmark’s Better Energy A/S, a once-hyped solar park developer, is sending repercussions through the Nordic country’s financial system and bringing eerie reminders of the recent problems for another green energy champion, Northvolt AB, in neighboring Sweden, Bloomberg News reported. Better Energy on Thursday said it will start a reconstruction process of two of its main units, blaming poor market conditions and an unwillingness from its investors to provide more funding.
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Denmark
Denmark’s biggest pension fund, ATP, is taking a major hit on its 2.3 billion-krone ($324 million) stake in troubled battery maker Northvolt AB, Danish broadcaster DR reported, according to Bloomberg News. ATP is one of the largest owners in Northvolt with a stake of about 5%. The value of that holding “probably won’t be very far from zero,” the asset manager’s Chief Executive Officer Martin Praestegaard told DR in an interview, stopping short of giving a specific amount for the writedown. “By far most of the investment is gone,” Praestegaard said, according to DR.
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Denmark’s plan to tax agriculture emissions will lead to rising impairment charges for some of the nation’s financial institutions but won’t threaten financial stability, the central bank in Copenhagen said, Bloomberg News reported. A few “medium-sized” banks are most exposed to a higher risk of losses from loans to farmers, who “already have a vulnerable economy and must pay the additional tax for their CO2 emissions,” Nationalbanken said in a financial stability report on Tuesday.
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After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board, Bloomberg News reported. The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.
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