Blue Elephant Energy expands its portfolio in Chile by 120 MWp

The Hamburg-based solar and wind farm operator Blue Elephant Energy GmbH (BEE) has acquired a PV portfolio in Chile with a total capacity of 120 MW from Chilean developer Fondo de Inversión Rockville Solar Energy (Rockville) on May 8, 2023. As with the previous portfolio of 161 MW in Chile, BEE executed the transaction together with its local partner oEnergy Capital SpA (oEnergy).
The portfolio consists of 20 parks in the regions of Coquimbo, Valparaíso, Metropolitana de Santiago, O'Higgins and Maule. A large part of the portfolio is already operational, the projects that are currently under construction will be commissioned in the course of the next year. Like BEE's existing Chilean parks, the portfolio benefits from the grandfathered stabilised price under the PMG(D) regulation, making it an ideal addition to the overall portfolio.
The investment will allow BEE to expand its Chilean portfolio to a total of  281 MW. As a result, BEE's existing portfolio will increase to a total of 1,513 MW, which includes PV and wind farms in eight countries.
“We are pleased to further expand our portfolio with this transaction," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy GmbH. "With our third transaction in Chile, we underline the importance of the market as a key pillar in our strategy. Alongside our clear focus on Europe, Chile has become a significant market for us. With the contracting of now more than 1.5 GW in total, we have been able to reach an important milestone in our still young company history and make a further contribution to our overarching commitment to a greener future."
Alexander Kolb, Investment Director of Blue Elephant Energy GmbH and leader of the deal team, says: "After two successful transactions with oEnergy, we are pleased to further expand our partnership in Chile. oEnergy will support us in the project not only as an investment partner but also operationally. With their extensive experience in the development, construction and operational management of PMGD PV parks in Chile, we have a reliable partner at our side. With the acquisition of the portfolio, we can secure one of the largest PMGD portfolios in the Chilean market. After full commissioning of the acquired 120 MW portfolio, 91 thousand tonnes of CO₂ can be saved annually, making a further contribution on the way to climate neutrality in Chile."
Yuri Sylvester, Chief Business Development Officer of oEnergy, says: “Blue Elephant’s steadfast focus on long-term results has been vital to successfully navigate the operational and regulatory challenges uncovered by the high-interest rate economy and dynamic energy transition agenda spearheaded by the Chilean government. I am proud that Blue Elephant and oEnergy’s shared, long-term strategy is fully aligned with Chile’s decarbonization goals while continuing to add value to the local economy, environment and our shareholders.
About Blue Elephant Energy GmbH:
Blue Elephant Energy GmbH develops, acquires and operates solar parks and wind farms in eight countries with a focus on Western Europe. Founded in 2016, BEE currently operates a renewable energy portfolio of 1,513 MW, a portion of which is under construction. BEE's renewable energy assets contribute to a sustainable energy supply: By the end of 2022, BEE has saved 2,162,160 tonnes of CO₂ and supplied 1,611,289 households with clean energy. As part of your ESG strategy, BEE contributes directly to social projects at the local level, particularly in Chile and the Dominican Republic. BEE has secured around 3,000 MW of further PV capacity via own development activities and (Co-) Development Agreements with a limited number of developers.
About oEnergy CapitalSpA:
oEnergy Capital SpA is a company part of the Chilean business group “oEnergy” that develops, builds, maintains and operates distributed energy resources (solar + storage) across Chile. Founded in 2013, the oEnergy group  currently employees 210 people. oEnergy continues to grow its IPP side of the business as it currenty operates 349 MW of PMGD projects in Chile, a portion of which is still under construction and is developing a development pipeline of 550 MW hybrid (PV+BESS) and 750 MW / 3 GWh stand-alone BESS projects.
About Fondo de Inversión Rockville Solar Energy :
Rockville Capital, as the General Partner of the Rockville Fund, executed a successful business strategy that involved acquiring pre-construction solar power projects from local developers and partnering with expert EPC contractors to construct them. This approach resulted in the creation of a portfolio comprising twenty high-quality solar power plants. Andres Cruzat, the Managing Partner of Rockville Capital Group, expressed his gratitude to the investors for their trust in Rockville Capital's vision and dedication, which facilitated the implementation of a business plan that resulted in the construction of 120MWp of solar power parks in Chile. This achievement by Rockville Capital contributed significantly towards making the nation's energy generation more eco-friendly.
Contact:
Blue Elephant Energy AG
Karen Westphal
Jungfernstieg 51
20354 Hamburg
Fon: +49 40 320 27 21 0
Fax: +49 40 320 27 21 02
E-Mail: IR@blueelephantenergy.com

Contact:
oEnergy
Macarena Chacc
Corporate Affairs Officer
Av Apoquindo 3910, Oficina 210
Las Condes, Santiago
comunicaciones@oenergy.cl