Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants and Greencells Group ("Greencells"), a global service provider for the development, construction, and maintenance of utility-scale solar power plants, have entered into a joint development agreement for a portfolio of 237 MWp of solar capacity in Italy and the Netherlands.
The portfolio includes six solar projects in the region of Puglia in Italy with a total planned capacity of 158 MWp and seven solar projects in the Netherlands with a total planned capacity of 79 MWp. The projects are at an advanced stage of development. The first projects will reach ready-to-built status by 2022. The complete connection of the entire portfolio to the electricity grids is expected by 2025 at the latest.
The portfolio will contribute to a reduction of global CO2 emissions by approximately 268,000 tons and will account for the annual electricity consumption of 96,000 households once completed.
"We are pleased to expand our long-standing business relationship with Greencells with the successful execution of this joint development agreement. By securing this portfolio at an advanced development stage, we will be able to expand our existing portfolio in our core markets and, moreover, do this at attractive conditions for our investors. At the same time, these projects will allow us to further contribute to a more sustainable and cleaner energy supply," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.
Andreas Hoffmann, CEO of Greencells Group, adds: "The development agreement now concluded represents another important milestone in the cooperation with our long-standing partner Blue Elephant Energy. The project portfolio reflects the increased strategic commitment of our Group in the focus market of Europe. We look forward to providing full development, construction and O&M services for all projects under this cooperation, thereby leveraging our full range of services."