Northwest Jutland development and energy pioneer Skovgaard Energy made a bold strategic shift three years ago. This means that today the company can present a historically good financial statement, and the entire profit now forms the foundation for the further execution of the strategy based in Northwest Jutland.

Skovgaard Energy’s strong foundation is built on many years of developing and operating wind energy, which is still a major focus area. But with a clear, focused and bold shift in strategy three years ago, the Lemvig-based company has managed to present its best results to date.

The profit for the year of DKK 837 million is a historically good result, primarily due to the divestment of wind activities for almost DKK 800 million. A result that Niels Erik Madsen, CEO of Skovgaard Energy, is naturally very pleased with.

– Overall, we are very pleased with the financial result for 2023. However, it is an important understanding of the result that by far the largest part of the result is created by a one-off transaction through the partnership with Cloudberry Clean Energy, says Niels Erik Madsen.

Wind energy is no longer a single focus area, but part of a broader energy mix of wind and solar energy, biogas production and the world’s first dynamic Power-to-Ammonia plant, which is expected to be commissioned in Ramme in Northwest Jutland during 2024.

– Our clear, bold and focused strategy shift to a broader energy mix that we created three years ago is now delivering the results we predicted and hoped for. This, together with strong local, national and international partnerships, has been key to the healthy result, which has also created local development and local jobs, says Niels Erik Madsen.


The result is reinvested

The financial result is reinvested in the strategy, Northwest Jutland companies and local jobs. Skovgaard Energy wants to give something back to Northwest Jutland and the local area through new jobs and local development.

– The owners of Skovgaard Energy believed that it made sense to reinvest profits from wind energy in the further development of new forms of energy, the local area and new jobs. We have had the courage and drive to reinvest last year’s profit of millions in the further development of the company’s activities, says Niels Erik Madsen.

In 2023, DKK 888 million was reinvested in biogas plants, agricultural land and continued investment in the Group’s Power-to-X plant and solar park in Ramme.

– With 35 employees, we are still a small energy company and we are humble and aware that we have a lot of work ahead of us. We are focused and believe that with drive and speed we can continue our journey and unfold our strategy through new sustainable and socially relevant solutions. We have already achieved the first goals thanks to the extraordinary efforts of our employees. As part of the management team, I am extremely proud of the journey we are on at Skovgaard Energy, says Niels Erik Madsen.


Strong partnerships

In collaboration with Topsoe, Vestas and EUDP and strong local suppliers, the first production of green ammonia is expected to take place during the last quarter of the year. It’s a huge milestone for the company and a result of the strategy.

In 2023, Norwegian Cloudberry Clean Energy became the right partner for a new ownership structure for part of the wind portfolio. The partnership is created through the company structure Odin Energy Holding A/S. The development opportunities and asset management of the portfolio are operated by Skovgaard Energy.

At the end of 2023, Skovgaard Energy acquired Maabjerg Biogas A/S in partnership with a group of local farmers.

– We look very much forward to the collaboration and are pleased that Maabjerg Biogas can be developed and create local jobs and new opportunities. We are generally very grateful for the good collaborations we have through our partnerships, stakeholders and in the areas we develop in, says Niels Erik Madsen.

Niels Erik Madsen adds that it was entirely expected that Skovgaard Energy would present a record year in 2023, just as the company already knows that the result for 2024 will be significantly lower, as it will be affected by the development and commissioning of both Power-to-Ammonia and the biogas plant.

For more information, contact CEO, Niels Erik Madsen: +45 20 12 85 60 /

About Skovgaard Energy:
Skovgaard Energy is based in Lemvig in Northwest Jutland and has for almost 30 years contributed to the green transition within wind, solar, biogas and Power-to-X. The energy company’s ambition is to be a leader in sustainable energy production and to contribute to a carbon-neutral future where dependence on fossil fuels is reduced and energy waste is minimized. Skovgaard Energy unfolds the potential of the green transition.