Press release: Blue Elephant Energy commissions its first self-developed project in Germany

Blue Elephant Energy commissions its first self-developed project in Germany
22.07.2024

The Hamburg-based solar and wind park operator Blue Elephant Energy GmbH (BEE) has commissioned a German solar park with a capacity of approximately 7.6 MWp on 18^th July, 2024. The commissioning of BEE’s first internal development project occurred precisely three years after the conclusion of a lease agreement for PV-plots in Germany. The project marks the kick-off for BEE's global development pipeline with a current total capacity of ca. 4 GWp.

The PV-park is located in the city of Meschede and was constructed by the German photovoltaic EPC greentech systems GmbH. With a capacity of 7.62 MWp, the project will annually save around 4,092 tons of CO₂ and supply the equivalent of 2,887 households with green electricity. The project benefits from a remuneration scheme under the Renewable Energy Act (EEG), ensuring long-term secured revenues. The project was financed in collaboration with the German lender Deutsche Kreditbank AG (DKB). With a credit volume of more than 14 billion euros, DKB is the largest financier of renewable energies in Germany.

The investment will allow BEE to expand its German portfolio to 169 MWp. As a result, BEE's existing global portfolio will increase to a total of 1,642 MWp, which includes PV and wind farms in nine countries.

"With the commissioning of our first self-developed PV project, we have achieved an important milestone in our company's history", says Tim Kallas, Chief Investment Officer at Blue Elephant Energy GmbH. "In Germany, we currently have additional projects with a capacity of more than 1 GWp in our development pipeline, which we intend to implement over the next years. This commitment highlights the importance of Germany as one of our core markets and constitutes an important contribution to the energy transition in Europe."

"We are pleased to be a part of BEE's project realisation with our experienced team", says Lars Petzold, Managing Director of greentech systems GmbH. "The plant in Meschede sets the cornerstone for future collaborations."

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. Founded in 2016, BEE has built up a renewable energy portfolio of currently 1,642 MWp, a part of which is under construction. BEE's renewable energy assets contribute to a sustainable energy supply: By the end of 2023, BEE has saved 3,016,623 tonnes of CO₂ and supplied 2,398,323 households with clean energy. As part of its ESG strategy, BEE contributes directly to social projects at the local level. BEE has secured around 4 GWp of further PV capacity via own development activities and (co-) development agreements.

Contact:
Blue Elephant Energy GmbH
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