NunaGreen Holds General Assembly and Sets the Course for an Active 2025
Today, NunaGreen held its annual general meeting, where all members of the board were re-elected. The meeting marked the conclusion of a year defined by significant progress and investments in the country’s hydropower infrastructure, reflected in the company’s recently published 2024 annual report.
Progress and Green Energy Investments Shaped 2024
NunaGreen’s 2024 annual report highlights a year of key milestones and intensified activity in Greenland’s major hydropower projects.
Over the past year, NunaGreen has made substantial investments in strengthening Greenland’s green energy supply. Approximately DKK 80 million was allocated to the expansion of the hydropower plant at Utoqqarmiut Kangerluarsunnguat (Buksefjorden), and nearly DKK 20 million was invested in preparations for a new hydropower plant in Disko Bay. Both projects are vital components of Greenland’s strategy to transition to renewable energy and reduce reliance on fossil fuels.
A notable development at the start of 2025 was the establishment of two new subsidiaries: NunaGreen Construction Disko Bay A/S, which will oversee the construction of the new plant in Disko Bay, and NunaGreen Development A/S, which will focus on maturing future green energy projects, developing partnerships, and attracting investment.
Tender Process and Next Steps
The tender process for the Utoqqarmiut Kangerluarsunnguat hydropower plant expansion is well underway. In April, one of the consortia withdrew from the process due to a change of ownership in one of its partner companies.
NunaGreen has since welcomed the remaining consortia for a site visit during week 21. In connection with the visit to Nuuk, NunaGreen – in collaboration with Greenland Business Association – facilitated a focused dialogue between the international bidders and local companies to promote partnerships with the Greenlandic business community.
Later this year, the tender for the project’s financing will be launched. The loan financing will be subject to competition, and the goal is to secure final financing and sign construction contracts before the end of 2025.
Construction Work Begins This Summer
Already this month, the construction of the access road in Utoqqarmiut Kangerluarsunnguat will begin. The contract has been signed with GNC, and NunaGreen is looking forward to the start of the work. The Arctic Command has broken the ice in Buksefjorden, and the necessary regulatory approvals are being obtained. The road project marks the tangible start of the expansion of the capital’s hydropower plant and simultaneously generates activity in Greenland’s construction sector.
“We look back on a year of strong progress in our projects and are excited that groundbreaking in Buksefjorden is about to begin. Now we look forward to a busy and active 2025,” says CEO Aviaaja Karlshøj Knudsen.
