15.06.2021

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.

About Blue Elephant Energy AG:
Blue Elephant Energy AG (BEE) 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 1,107 MW, from which a part is under construction. Until the end of 2020, BEE's renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 households with clean energy. 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 secured additional 1,391 MW Solar Park capacity in the context of co-development agreements with a limited range of developers, based on longstanding relationships and mutual appreciation. With equity provided by BEE's shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest well above EUR 1.2 billion since inception.