Blue Elephant Energy Locks in Land Deal Over 300 Hectares for the Operation of Ground-mounted Pv Capacity of Over 300 Mwp in Germany

Source Press Release
Company Blue Elephant Energy AG 
Tags Asset Deals, Deals, Renewable Energy, Power
Date June 15, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants has entered into a cooperation agreement on potential solar sites with a combined capacity of 300 ha with a long-time partner. Completion of the first solar parks is expected for early 2023.

About 12 solar projects with capacities between 10 MWp and 50 MWp individually will be implemented – in total more than 300 MWp. BEE will focus on the realization of the projects, on structuring project financing and on negotiating the Power Purchase Agreements ("PPAs"). After construction, BEE will remain as the majority shareholder of the solar asset portfolio. The main gross revenues are expected to be secured via long-term Power Purchase Agreements, while some individual areas may be remunerated under the Renewable Energy Act (EEG).

The portfolio will contribute to a reduction of global CO2 emissions by approximately 170,000 tons and will account for the annual electricity consumption of 120,000 households once in operation.

„With this partnership, BEE can significantly expand its German portfolio in a stable and currently very attractive market for PV electricity. The energy transition requires much larger volumes of power from renewable sources. We are excited to contribute to this mission with this new cooperation." comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.

Source: EvaluateEnergy® ©2021 EvaluateEnergy Ltd