Germany’s Greencells Group has sold off its solar and storage project development platform
Davidson Kempner Capital Management and Nature Infrastructure Capital have jointly acquired the same
Its current pipeline of nearly 4 GW across Europe and Canada will advance under new ownership
German solar EPC and O&M service provider Greencells Group has sold its Netherlands-based solar and storage project development platform to the global investment management firm Davidson Kempner Capital Management LP, and private equity firm Nature Infrastructure Capital.
The Dutch platform has nearly 4 GW of utility-scale solar and battery energy storage system (BESS) projects in its development pipeline. These are located across Europe and Canada. Almost 800 MW of this capacity is at the ready-to-build (RTB) stage. The remaining capacity will be advanced under the new ownership.
As a result of this joint acquisition from Davidson Kempner and Nature Infrastructure, the platform will operate as a standalone venture under the current Greencells Group CEO and Founder Andreas Hoffman.
“This sale marks a significant milestone in Greencells’ growth journey. After several years of growing our development platform under the leadership of the Zahid Group, we are proud to see the size and quality of the portfolio created by our teams grow across Europe,” said Hoffmann.
Under new ownership, the company plans to accelerate the expansion of the project pipeline in its key active markets and also select new markets.