Pure & Better Energy, a Denmark-headquartered developer of renewable energy projects, recently secured 20 MW of solar PV capacity at the inaugural Denmark-Germany cross-border auction for a European record-low cost of Danish Krone (DKK) 12.89/MWh ($1.81/MWh).

This tariff is in addition to Denmark’s market spot power price, which is currently priced at between DKK 20-25/MWh (approximately $2.81/MWh). Together, the price received by Pure & Better Energy for the solar power it provides adds up to ~$46/MWh ($0.046/kWh), while the market pays only whatever the spot price is at a given time.

These numbers represent a hugely competitive price for solar power in Europe, indicating that the region can compete on cost against some of the more sunny regions of the world.

The bids were lodged by three subsidiaries of Pure & Better Energy at October’s auction, which was the first ever cross-border solar tender.

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According to Better Energy managing partner Mark Augustenborg Ødum, this price will prove disruptive to the energy market of Europe. “This is an absolute victory for solar PV in our quest to transition our power supply to one which is both sustainable and affordable for all,” he said.

Rasmus Kjaer, fellow managing partner at Better Energy, added that the company’s objective is to produce hundreds of millions of kilowatt-hours of clean electricity each year. “We are committed to addressing climate change and energy independence through renewable energy development, generating a brighter future for all,” said Kjaer.

Pure & Better Energy has secured tariffs for more than 100 MWp of solar in Denmark, and will begin building and commissioning these ground-mounted projects in 2017 and 2018 using either Huawei or Sungrow inverters. The developer already has more than 100 MW of installed capacity under its belt, mostly in the U.K. and Germany.