Two renewable energy developers from Germany have joined hands to develop a solar power portfolio with a combined capacity of 500 MW in the country under a development framework agreement.
Blue Elephant Energy (BEE) has entered the agreement with Umweltgerechte Kraftanlagen GmbH & Co.KG from Meissen (UKA) through its subsidiary BEE Development GmbH, and the due expect to bring the initial projects online in early 2023.
The 2 companies have already been collaborating on wind power projects since UKA is majorly a wind power project developer having entered German solar business in 2019. The duo are now expanding their partnership to solar sector.
The partners share the portfolio comprises 11 solar projects in an advanced development stage ranging between individual capacities of 20 MW and 130 MW. Under the arrangement, projects will be developed by UKA ready-to-build stage across various locations in the states of Brandenburg, Mecklenburg-Vorpommern, Sachsen und Sachsen-Anhalt.
After the construction is completed, these will remain as part of BEE's renewable asset portfolio. Long-term power purchase agreements (PPA) are expected to ensure financial viability of these projects and generate gross revenues.
"By securing this portfolio, BEE can significantly expand its German portfolio in a stable and currently very attractive market for PV electricity without bearing risks from project development," explained Chief Investment Officer of BEE Tim Kallas.
In January 2021, BEE secured partnerships for 356.5 MW solar PV capacity in Italy, the Netherlands and Chile with Greencells and OEnergy (see Partnership For 356 MW PV In Italy, Netherlands & Chile).
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