On 25 May 2022, the Hamburg-based solar and wind farm operator Blue Elephant Energy AG (BEE) acquired a construction-ready PV plant in the Netherlands with a capacity of 10 MWp from its long-standing business partner Greencells Group (Greencells), a global service provider for the development, construction, and maintenance of utility-scale solar power plants. 

The project is located in the municipality of Hoogeveen in the Northeast of the Netherlands. The plant is an extension to the operating 30 MW-PV plant Hoogeveen I and shall be connected to the grid by the end of 2022. The project benefits from a feed-in-tariff under the SDE-regime.

“We are pleased to be able to further expand our portfolio in the Netherlands to 631 MW and to further strengthen our excellent local market position”, comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy. “We still see potential in the Netherlands to drive renewable energy projects supporting the continent on its path to carbon neutrality and energy independence. With Greencells we have a long-standing partnership that further led to the existing project development cooperation of 237 MW in the Netherlands and Italy.”

Andreas Hoffmann, CEO of Greencells GmbH: “We are pleased to be able to consistently continue our success story in the highly attractive European solar market and with our long-standing partner BEE with this transaction. The full implementation of our secured development pipeline in Europe of 3.5 GW, scheduled by the end of 2023, is thus progressing as planned. As a fully integrated platform for utility-scale solar projects, we will also benefit in the long term from our particularly high value creation between project development as well as EPC and O&M.”

About Blue Elephant Energy AG:
Blue Elephant Energy AG (BEE) develops, acquires, and operates solar parks and wind farms in eight countries with a focus on Western-Europe. Founded in 2016, BEE is currently operating a renewable energy portfolio of 1,292 MW, part of which is under construction. BEE´s renewable energy assets contribute to a sustainable energy supply by saving 506,000 tons of CO2 annually and providing 359,000 households with clean energy in 2021. As part of its ESG strategy BEE directly contributes to social projects on a local level, particularly in Chile and in the Dominican Republic. BEE has a secured development pipeline of around 1,700 MWp. With equity provided by BEE’s shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest around EUR 1.5 billion since inception.

About the Greencells Group:
Greencells Group is a global project developer and provider of EPC and O&M services for large-scale solar power plants. With a track record of over 2.3 GWp of installed capacity, the company is an experienced partner for the optimal planning, financing, implementation and operation of solar parks. Greencells Group companies employ around 100 people and several hundred skilled workers on their active construction sites. As one of the largest European providers of solar power plants, Greencells Group has already been successfully involved in the construction or planning of more than 135 photovoltaic plants in over 25 countries.

Contact BEE:
Blue Elephant Energy AG
Karen Westphal
Jungfernstieg 51
20354 Hamburg
Fon: +49 40 320 27 21 0
Fax: +49 40 320 27 21 02
E-Mail: IR@blueelephantenergy.com

Contact Greencells:
Greencells GmbH
Alexandra Roger-Machart | Head of Communications and PR 
Bahnhofstr. 28
66111 Saarbrücken
Germany
www.greencells.com+
Fon: +49 172 397 0957
E-Mail: ir@greencells.com

Contact Financial press Greencells:
Better Orange IR & HV AG 
Frank Ostermair, Linh Chung 
Haidelweg 48
81241 Munich 
Germany
www.better-orange.de
Fon: +49 89 88 96906 25
E-Mail: frank.ostermair@better-orange.de