Hamburg-based Blue Elephant Energy has signed a development framework agreement with Umweltgerechte Kraftanlagen (UKA) to develop a 500MW solar portfolio in Germany.
The portfolio comprises 11 solar projects in an advanced development stage with individual capacities ranging between 20MW and 130MW.
The solar projects are located at several locations in the German federal states of Brandenburg, Mecklenburg-Vorpommern, Sachsen und Sachsen-Anhalt.
Blue Elephant Energy entered into the development framework agreement through its subsidiary BEE Development, and the partnership is subject to approval by the Federal Cartel Office.
Blue Elephant Energy chief investment officer Tim Kallas said: “We are pleased to expand our long-standing business relationship with UKA from which we have already acquired various wind projects.
“By securing this portfolio, BEE can significantly expand its German portfolio in a stable and currently very attractive market for PV electricity without bearing risks from project development.”
Under the terms of the agreement, UKA is anticipated to develop the projects until they reach ready-to-build status.
After the construction is completed in 2023, the parks would operate as part of Blue Elephant Energy’s renewable asset portfolio.
The company said that it intends to generate the gross revenues through long-term Power Purchase Agreements (PPAs).
Once operational, the solar portfolio is expected to reduce around 280,000 tonnes of CO2 emissions and contribute for the annual electricity consumption of 200,000 households.
Established in 1999, UKA is engaged in planning, building, supporting and operating wind and solar farms, along with related infrastructure.
UKA managing partner Gernot Gauglitz said: “In order to successfully implement solar parks, you need partners with whom you can work together trustingly over the long term. Blue Elephant Energy AG has been such a partner for us for many years.”
Blue Elephant Energy is engaged in acquiring and operating solar and wind projects in eight countries, with a focus on Western-Europe.
