German utility scale solar EPC company Greencells GmbH completed the issue of its €25 million Green Bond on the Frankfurt Stock Exchange. The security offers an interest rate of 6.5% p.a. over the term of 5 years with a semi-annual payout.
Speaking about this development, CEO of Greencells GmbH Andreas Hoffmann said, "The demand for green bonds issued by companies with an established business model and a convincing growth strategy is unbroken."
The issue of bonds was followed by the sealing of a 50/50 joint venture in Italy between Greencells and Renewable Consulting S.r.L., a long-standing Italian project development partner. Called the Greencells Agrosolar S.r.l., the joint venture will see both the companies develop 350 MW agrisolar project in Puglia region. This is for the first time the focus has been on agrisolar and the project will consist of 14 solar assets, out of which the first is expected to reach ready-to-build stage by 2021end or beginning of 2022.
In January, German renewable energy developer Blue Elephant Energy AG (BEE) had partnered with Greencells to develop 6 solar projects with a combined capacity of 158 MW and 7 projects in the Netherlands with 79 MW capacity (see Partnership For 356 MW PV In Italy, Netherlands & Chile).