Blue Elephant Energy GmbH expands its PV-park portfolio in Spain by 100 MWp

In September 2023, Hamburg-based solar and wind farm operator Blue Elephant Energy GmbH (BEE) acquired a PV portfolio with a nominal capacity of 100 MWp from Spanish project developer and long-term partner Diverxia, which is also acting as EPC in this case. The portfolio benefits from long-term “pay-as-produced” Power Purchase Agreements (PPA) with an international technology company. The financing was structured by Deutsche Anlagen Leasing (DAL) and will be provided successively as construction progresses. The consulting firm Our New Energy Consulting acted as PPA advisor on behalf of BEE.

The portfolio in the Castilla - La Mancha region consists of two 50 MWp solar parks including a transformer station. Both parks have been under construction since December 2023. The plants are scheduled to be commissioned in the fourth quarter of 2024. Once completed, they are expected to generate around 200 gigawatt hours of environmentally friendly electricity per year. This is enough solar energy to cover the annual electricity requirements of around 65.000 households and reduce annual CO₂ emissions by around 47.000 tonnes.

With this investment, BEE expands its Spanish portfolio to 262 MW, while the existing portfolio, consisting of PV and wind parks in nine countries, grows to 1,642 MW.

“We are delighted to be able to strategically expand our local portfolio and realise another major project with a reliable partner like Diverxia. With this transaction, we are taking another big step in our growth strategy with a strong focus on Europe,” says Tim Kallas, Chief Investment Officer at BEE. “With an attractive PPA contract partner, we are ensuring reliable revenues while helping to further support their ambitious sustainability and growth targets”

Paola Casseres, Managing Director of Diverxia confirms: "We are thrilled to collaborate once again with Blue Elephant Energy GmbH on this project. This strategic partnership not only reinforces our position as leading developers internationally but also significantly contributes to the transition towards a more sustainable and energy-efficient future. We are committed to the successful implementation of this project, which will not only generate clean and renewable energy but also strengthen the energy infrastructure in the Castilla-La Mancha region."

About Blue Elephant Energy GmbH
Blue Elephant Energy GmbH develops, acquires and operates solar parks and wind farms in nine countries with a focus on Western and Central Europe. Since its foundation in 2016, a renewable energy portfolio of currently 1,642 MW has been built up, part of which is currently under construction. BEE's renewable energy plants contribute to a sustainable energy supply: By the end of 2023, BEE has saved 3,016,623 tonnes of CO₂ and supplied 2,398,323households with clean energy. As part of its ESG strategy, BEE contributes directly to social projects at local level. BEE has secured around 3,500 MW of additional solar park capacity through its own development activities and (co-)development agreements with a limited number of developers.

About Diverxia
Diverxia is part of the Spanish Grupo Alonso and has been active as a project development company and EPC for renewable energies for almost 20 years. The company is active worldwide and has realised a pipeline of 750 MW as a developer and EPC. The current focus is on the realisation of the existing pipeline of over 1.5 GW in various markets worldwide.