BEE acquired a construction-ready PV park in the Netherlands with a capacity of 10 MW from long-time partner Greencells on 25 May 2022. Greencells, for its part, also contractually secured the upcoming EPC work and all O&M services after the commissioning for the project, which it developed itself to ready-to-build status.
The PV park in the municipality of Hoogeveen in the northeast of the Netherlands is thus emblematic of Greencells’ successful integrated business model of developing solar power plants from its own currently 3.5 GW project pipeline in Europe, selling them to investors and operators, and also securing the further EPC and O&M work. BEE, for its part, is expanding its portfolio in the Netherlands to now 631 MW, making it one of the largest solar park operators in the neighboring country. The PV park represents an expansion of the already operational 30 MW Hoogeveen I solar park. The project is scheduled to be commissioned by the end of 2022 and benefits from government compensation under the attractive 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.”
In parallel with the successful expansion of the development portfolio and the associated favorable outlook, the EPC division Greencells GmbH can also report a positive business performance as expected. In the fiscal year 2021, the company expects, on the basis of preliminary figures, revenue growth in the GmbH Group of approx. 50% compared to the previous year and an operating result (EBIT) of more than EUR 2 million.
