Blue Elephant Signs Joint Development Agreement for 119 MWp Solar

Source: www.gulfoilandgas.com 3/25/2021, Location: Europe

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants and Green Future S.r.l. ("Green Futures"), a Sicily-based technical planning and project development company for solar power plants, have entered into a joint development agreement for a portfolio of 119 MWp of solar capacity, which is expected to reach ready-to-build status by the end of 2022.

The portfolio includes six solar projects in the region of Sicily in Italy, which is characterized by both high solar irradiance and higher electricity price levels than mainland Italy.

The portfolio will contribute to a reduction of global CO2 emissions by approximately 87,000 tons and will account for the annual electricity consumption of 78,000 households once completed.

"We are pleased to expand our portfolio in the growth market of Italy with this project development. Some of the landowners are already partners from our existing facilities. Due to very competitive project development costs in combination with a particularly attractive PPA market and electricity price environment, we will be able to expand our existing portfolio at very attractive conditions. 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.


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