Denmark –A leading renewable energy nation in 2020?
Denmark has been a leading renewable energy nation for many years. Today most turbines, whether built in Denmark, Germany, Spain, the US, China, or anywhere else in the world, are based on Danish wind turbine design.
Vestas Wind Systems A/S and Siemens Wind Power, which is affiliated with the Danish company Bonus Energy A/S, are still leading wind turbine producers and Denmark is still one of the nations with the most installed wind power capacity per capita.
However, competition among wind turbine producers has become fiercer and there are several serious competitors in the global market. Wind power is still the only renewable energy technology to which Denmark has made a significant contribution in the global market and we need even more focus on and support for new "green" technologies.
So it seems fair to ask whether Denmark will be able to maintain its position as a leading renewable energy nation into 2020.
Of course, this cannot be answered with any kind of certainty.
However, positive indicators include that:
- renewable energy has been present in the minds of Danes for many years;
- Danish technical universities and institutions have cooperated with the Danish wind industry for many years and have thus educated and attracted many bright young people to the industry;
- Danish utility companies are very foresighted in their investment into the "green" sector; and
- many small to midsize Danish wind industry subcontractors have had to sharpen their innovative skills in order to survive in an increasingly competitive market.
In addition, we are currently seeing a large number of highly innovative new products, many of which appear to be easily scalable and thus have the potential to become future substantial commercial successes.
We are thus optimistic as to the future of the Danish renewable energy industry.
Market news
Investments driven by green conscience
Danish Renewable Energy Investments are Driven by the Green Conscience of Danish Consumers.
Whereas Co2 reduction and global warming get a lot of attention in
most developed countries, it is still generally true that many
investors would not enter the market if it were not for the
significant subsidization by states and other types of political
influence. Very few consumers seem to care enough to actually take
an active stand.
But in Denmark consumer trends and priorities are changing.
Many Danish consumers seem to take an active stand when it comes to the climate and Co2 reduction and recent surveys show that Danes are willing to pay more for products from "green" producers.
More and more companies, banks and other institutions are thus feeling consumer pressure to show that they are sensitive to "green" initiatives and climate responsible.
Investments take many forms including investments in new and more energy efficient or generally more environmentally friendly production equipment, investment in wind energy or other renewable energy producing assets, use of recyclable materials etc.
Investment funds, pension funds, banks and other financial institutions further invest in share pools with the right "green" profile and some have already structured - and others are considering structuring - products based on renewable energy producing assets in order respond to consumer demands for direct investment opportunities in such assets.
There are many initiatives and the investment volume significant. However, Denmark does not offer as attractive tariffs as many other European countries, and so many of the consumer driven direct investments are placed outside Denmark.
There seems to be no doubt that Denmark is not only a leading renewable energy technology provider but Danes are also in the forefront when it comes to climate conscious consumer trends.
Many international producers and other stakeholders have already noticed such trends and Denmark has become a preferred test market for many new products. This encourages current trends even further.
INSIDE KROMANN REUMERT
New partners
Kromann Reumert is pleased to announce that two new partners have joined the firm.
Marianne Granhøj
(http://www.kromannreumert.com/en-UK/People/Pages/ShowProfile.aspx?pid=3302)Marianne has many years of experience in advising
both Danish and international businesses on employment and labour
law issues.
Jens Lund Mosbek
(http://www.kromannreumert.com/en-UK/People/Pages/ShowProfile.aspx?pid=3303)Jens is highly experienced in all aspects of labour
and employment law and has previously assisted both public and
private employers.
New business area
M&A – TECHNOLOGY AND MEDIA
As technology and licensing become increasingly important for many
businesses, the buying and selling of technology or media
businesses becomes increasingly complicated. The result is that
industry insight and market knowledge are critical factors in
conducting effective and value-adding negotiations and due
diligence processes for business transfers and investments in the
technology and media sector.
Kromann Reumert's new Mergers & Acquisitions Technology and
Media Group advises buyers and sellers of businesses of all sizes
located in Denmark and abroad, as well as investors, banks and
other business transfer financiers. Our Mergers & Acquisitions
Technology and Media Group is recognized for its expertise in
technology and media transactions.
Read more (http://www.kromannreumert.com/en-UK/PracticeAreas/MergersandAcquisitions-technologyandmedia/Pages/Default.aspx).
Denmark Law Firm of the Year for the fourth consecutive time
Kromann Reumert has once again this year been named as Denmark Law Firm of the Year 2009 in the Who's Who Legal Awards.
Managing Editor, Callum Campbell, writes: "In a highly competitive field, receiving the Who's Who Legal Law Firm of the Year Award for Denmark for a fourth time is an outstanding achievement. Kromann Reumert has won the award every year since its inception, and is among a select band of firms to achieve such a feat. The consistently positive feedback we received recognises its continuing and exceptional individual and collective talent in this jurisdiction, and we have no hesitation in once again declaring Kromann Reumert the leading firm in the country."
Read more here (http://www.whoswholegal.com/firms/563/kromann-reumert) .
Kromann Reumert receives top rankings in IFLR
Kromann Reumert has once again been top-rated in Banking and Finance, Mergers and Acquisitions, Restructuring and Insolvency by the International Financial Law Review (IFLR), a respected magazine that rates leading global law firms according to client recommendations and other industry feedback.
The recommendations quoted in IFLR include:
- "They are very good. I think one of the best in Denmark," says a client about Kromann Reumert's R&I department. "Very skilled lawyers, very solution focused. A superb restructuring team."
- "Kromann Reumert's M&A group holds its position in tier one after being involved in some of the most prominent transactions over the last 12 months. A rival partner at one of the leading firms says: "If one firm is excellent, it is them."
- "Clients appreciate Kromann's approach and efficient style: "I think they are the best in Denmark," says one client. "I've worked with other firms too but I like Kromann best. It is the chemistry; they are really easy going."
DEALS
Access Industries, Nordisk Mobiltelefon, EnergiMidt
Kromann Reumert has assisted US-based industrial group Access Industries in its acquisition of 65% of the share capital in Nordisk Mobiltelefon A/S from EnergiMidt A/S, which still holds 35%. Nordisk Mobiltelefon A/S provides mobile broadband in Denmark through a CDMA-based 3G network. Access Industries has already acquired Nordisk Mobiltelefon in Norway and Sweden.
DONG Energy, TDC
Kromann Reumert has assisted Denmark's leading energy supplier DONG Energy in connection with the sale of its fibre communications network to Danish telecom giant TDC. After more than a year of preparations, an agreement was signed following an intensive sales process with several interested bidders. The purchase price was agreed at EUR 57 million, of which EUR 43 million will be paid in cash on closing, while the balance will depend on the future earnings of the fibre network business in the retail market.
Microsoft, Columbus
Kromann Reumert has assisted Microsoft in connection with its purchase of the retail industry solution produced by global technology consulting company Columbus IT. The transaction is valued at approximately EUR 3.4 million plus an additional amount for further development of the software. Microsoft acquires the intellectual property rights in the retail software as part of the company's strategy to enhance Dynamics AX, a comprehensive business management solution.
NeuroSearch
Kromann Reumert has assisted Danish biopharmaceutical company NeuroSearch in connection with a rights issue announced by the company on Monday 19 October 2009. The net proceeds from the offering, which has been in the pipeline since April 2009, are expected to amount to EUR 55.9 million if the offering is fully subscribed.
Solstra Holding A/S, Debenhams plc.
Kromann Reumert assisted Solstra Holding A/S (a joint venture between Straumur and the international investor Alshair Fiyaz) in selling Aktieselskabet Th. Wessel Vett Magasin du Nord, which is the operating company behind the department store "Magasin". The buyer is Debenhams plc. As part of the transaction, new lease contracts will be entered into concerning the Magasin properties in four large Danish cities.
TDC, Invitel
Kromann Reumert has assisted TDC A/S, a leading provider of communications solutions, in connection with a conditional sale of its 64% shareholding in Hungarian and Eastern European telecommunications group Invitel Holdings A/S, including TDC's subordinated loan of approximately EUR 34 million to the Invitel group. The transaction involves a tender offer for PIK notes issued by a company in the Invitel group as well as two senior note issues by another company in the Invitel group. Invitel Holding's shares are listed on NYSE Amex and its notes are listed in Luxemburg.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.