Lars Larsen Group enters into agreement on new renewable energy

Lars Larsen Group has entered into a five-year agreement to purchase new renewable energy from wind turbines for up to 80% of the group’s Danish electricity consumption. The new renewable energy will come from a new energy park in Denmark.

This is the first time Lars Larsen Group and its largest subsidiaries have entered into this type of agreement for new renewable energy. It is part of the Group’s efforts to reduce its CO2e emissions. Through the internationally recognised Science Based Targets initiative (SBTi), Lars Larsen Group has committed to reducing scope 1 and 2 emissions, which cover its own operations, by 50.4% by the end of the 2032 financial year.

“As an active and responsible owner, we are continuously working on reducing our CO2e emissions. This agreement on new renewable energy is expected to cover a very significant share of our companies’ consumption in Denmark,” says Jesper Lund.

Lars Larsen Group has entered into the five-year agreement with the energy company Norlys. The agreement means that, through Eurowind Energy, an energy park can be built at Ammitsbøl Skov in Vejle Municipality, consisting among other things of five wind turbines.

“At Norlys, we have a clear goal of bringing more renewable energy into the sockets so that we can reduce our dependence on fossil energy from countries we do not wish to depend on. That is why we are working purposefully to make it simple for companies like Lars Larsen Group to find solutions that match their energy needs. When they enter into a long-term energy agreement with us, they not only reduce their own climate footprint – they also help create the financial foundation for new wind turbines and solar cells in Denmark,” says Mads Brøgger, Director of Norlys’ energy business.

5,500 households

The agreement to purchase new renewable energy is expected to cover the majority of Lars Larsen Group’s energy consumption in Denmark. In total, Lars Larsen Group expects the Group to purchase just over 40% of the upcoming energy park’s total production of renewable energy from the wind turbines. By comparison, this corresponds to the annual electricity consumption of around 5,500 Danish households.

“This new agreement supports our fundamental values of decency and taking responsibility for the way we run our business. The energy park will help us take a major step towards reducing emissions within our own operations, while actively contributing to the establishment of new renewable energy. We look forward to the collaboration with Norlys and Eurowind as well as to the upcoming energy park,” says Jesper Lund.

Lars Larsen Group’s agreement to purchase new renewable energy includes the subsidiaries JYSK, BOLIA, ILVA, Actona Group, SOFACOMPANY and HimmerLand, and the first electricity from the new energy park is expected to be delivered in mid-2028.

Lars Larsen Group’s SBTi-approved climate targets are:

• Lars Larsen Group commits to reducing absolute scope 1 and 2 CO2e emissions by 50.4% by 2032 compared to the 2022 base year.*

• Lars Larsen Group commits that 73.2% of suppliers, based on emissions covering purchased products, goods and services, as well as upstream transportation, will have SBTi-approved targets by the end of the 2029 financial year.

• Lars Larsen Group’s total emissions divided by scope 1, 2 and 3:

• 1.7% Scope 1 and 2

• 98.3% Scope 3

* The target boundary includes emissions from land use and removals from bio-based feedstock for energy production.