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Blue Elephant Energy AG: Blue Elephant Energy and UKA enter into a 500 MWp solar development cooperation for projects in Germany

·4-min read

DGAP-News: Blue Elephant Energy AG / Key word(s): Agreement/Alliance
15.04.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

15.04.2021
Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants has, through its subsidiary, BEE Development GmbH, entered into a development framework agreement on solar portfolio with a capacity of 500 MWp with the project developer and operator of renewable energy systems Umweltgerechte Kraftanlagen GmbH & Co.KG from Meissen (UKA). Completion of the first solar parks is expected for early 2023.

The portfolio includes 11 solar projects in an advanced development stage with capacities between 20 MWp and 130 MWp individually. These solar projects are located at various locations in the German federal states of Brandenburg, Mecklenburg-Vorpommern, Sachsen und Sachsen-Anhalt. UKA will develop the projects until they reach ready-to-build status. After construction, the parks will remain part of BEE's renewable asset portfolio. The gross revenues are expected to be secured via long-term Power Purchase Agreements.

The portfolio will contribute to a reduction of global CO2 emissions by approximately 280,000 tons and will account for the annual electricity consumption of 200,000 households once in operation.
"We are pleased to expand our long-standing business relationship with UKA from which we have already acquired various wind projects. Even more so, we are pleased to be able to expand this partnership in the solar sector as well. 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" comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.

"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 "emphasizes Gernot Gauglitz, Managing Partner of UKA.

For formal reasons, the cooperation is subject to cartel approval and still requires approval by the Federal Cartel Office.

About Blue Elephant Energy AG:
Blue Elephant Energy AG (BEE) acquires and operates Solar Parks and Wind Farms in eight countries with a focus on Western-Europe. Founded in 2016, BEE is currently operating a renewable energy portfolio of 1,107 MW, from which a part is under construction. Until the end of 2020, BEE's renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 households with clean energy. As part of its ESG strategy BEE directly contributes to social projects on a local level, particularly in Chile and in the Dominican Republic. BEE has secured additional 1,091 MW Solar Park capacity in the context of co-development agreements with a limited range of developers, based on longstanding relationships and mutual appreciation. With equity provided by BEE's shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest well above EUR 1.2 billion since inception.

About Umweltgerechte Kraftanlagen GmbH & Co. KG:
UKA plans, builds, supports and operates wind and solar farms as well as associated infrastructure. Founded in 1999, the company is one of the leading German wind farm developers with around 60 wind farms and solar farms* connected to the grid and an international project pipeline of four gigawatts. As a full-service provider, the group provides all services up to the turnkey handover of the facilities. Subsequently, the subsidiary UKB Umweltgerechte Kraftanlagen Betriebsführung GmbH will provide optimum technical and economic support for renewable energy generation plants for decades. The UKA Group currently employs around 700 people at its locations in Meissen, Cottbus, Rostock, Lohmen in Mecklenburg, Erfurt, Magdeburg, Oldenburg, Bielefeld, Grebenstein (near Kassel) and Hanover. Furthermore, UKA is currently expanding its business activities in other European markets. UKA Iberia S.L.U. has been operating from Madrid since 2019. In addition, UKA North America LLC from Stuart (Florida) is driving promising renewable energy projects in the USA.

*partially realized by a partner of UKA, unlimited energy GmbH, in which UKA has a majority stake.

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
 


15.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Blue Elephant Energy AG

Jungfernstieg 51

20354 Hamburg

Germany

Internet:

www.blueelephantenergy.com

EQS News ID:

1184930


 

End of News

DGAP News Service

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