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 hectares with a long-time partner. Completion of the first solar parks is expected for early 2023.
About 12 solar projects with capacities between 10 and 50 megawatts individually will be implemented – in total more than 300 megawatts. BEE will focus on the realization of the projects, on structuring project financing and on negotiating the 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).
Stable and attractive market
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.
See also: More large-scale solar PPAs in Spain
„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. (mfo)
