Blue Elephant Energy GmbH Expands its PV-Park Portfolio in Spain by 100 MWp

In September 2023, Hamburg-based Blue Elephant Energy GmbH (BEE) acquired a PV portfolio with a nominal capacity of 100 MWp from Spanish project developer Diverxia. The portfolio, located in Castilla - La Mancha, benefits from long-term Power Purchase Agreements (PPA) with an international technology company. The financing is structured by Deutsche Anlagen Leasing (DAL) and will be provided as construction progresses. Our New Energy Consulting served as PPA advisor for BEE.

The portfolio consists of two 50 MWp solar parks, both including a transformer station. Construction began in December 2023, and the parks are set to be commissioned by the fourth quarter of 2024. Once completed, the parks are expected to generate approximately 200 gigawatt hours of electricity per year. This will be enough to meet the annual electricity needs of around 65,000 households and reduce CO2 emissions by roughly 47,000 tonnes annually.

With this investment, BEE's Spanish portfolio expands to 262 MW, and its total portfolio across nine countries grows to 1,642 MW. Tim Kallas, Chief Investment Officer at BEE, stated, "We are delighted to strategically expand our local portfolio and achieve another major project with Diverxia."

Diverxia's Managing Director Paola Casseres emphasized the partnership's strategic importance, stating, "This project will not only generate clean energy but also strengthen the energy infrastructure in the Castilla-La Mancha region."