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Greencells GmbH: Value of photovoltaic projects in European target markets increased significantly according to new market value expert opinion

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DGAP-News: Greencells GmbH / Key word(s): Miscellaneous
17.11.2021 / 14:00
The issuer is solely responsible for the content of this announcement.

Greencells GmbH: Value of photovoltaic projects in European target markets increased significantly according to new market value expert opinion

Saarbrücken, 17 November 2021 - Greencells GmbH, a globally active EPC and O&M service provider for utility-scale solar power plants, is benefiting from the significant increase in demand for solar energy in Europe. As part of a new independent market value expert opinion by Apricum GmbH, Berlin, the project valuations of one of the company's European pipelines were reviewed using current market data. As a result, the project values showed significant double-digit growth rates compared to the November 2020 expert opinion, in particular due to increased market prices for ready-to-build PV project rights. The new independent market value expert opinion can be viewed on the website of Greencells GmbH in the "Investor Relations" section ( under "Documents".

"A large number of European photovoltaic markets have developed very positively in recent months. This is made clear not least by the significant market price increases attested by the new independent expert report. This development also reflects the increase in energy prices, which is making solar projects more attractive and thus leading to stronger demand from investors. The price increase of Power Purchase Agreements by around 50% since December 2020 acts as a further growth driver. The value of our secured EPC pipeline of 3 GWp also benefits from these very favorable general market conditions and developments," explains Andreas Hoffmann, CEO of Greencells GmbH. "However, the market potential in Europe is far from exhausted. In fact, with Europe being the world's most attractive solar market, there are still sufficient promising opportunities which we intend to resolutely untap with the funds from the current bond increase. As an innovative technology partner and integral part of the European solar market, we want to make our contribution to the energy transition. Both our existing and future bond investors can benefit from this."

To finance additional growth, Greencells GmbH, Best Issuer Green SME Bonds 2020, plans to increase the bond volume of the secured 6.5% Green Bond 2020/2025 (ISIN: DE000A289YQ5) by up to EUR 25 million to up to EUR 50 million in several tranches over the coming months according to demand. In this context, the net value of the security basket is increased from originally EUR 34.5 million to EUR 68.2 million to ensure that all claims of existing and future bondholders for repayment of the bond capital (nominal amount, interest and other amounts under the note) are secured by collateral whose value corresponds in total to at least 132.50% of the increased total nominal amount of the note.

The security basket includes shares in project companies of the sister company from Germany, Italy, France, Spain, Poland and the Netherlands, which are pledged to a trustee or will be pledged at the time of the increase. Furthermore, receivables from EPC contracts of Greencells GmbH for solar projects with an EPC volume of at least EUR 10 million were assigned as security. In addition to the securities, there is a credit line of the sister company in favor of Greencells GmbH of at least 132.50% of the outstanding total nominal amount of the notes until 31 December 2025.

About Greencells GmbH:
Greencells GmbH is a global provider of EPC and O&M services specialized in utility-scale solar power plants. Together with its sister company Greencells Group Holdings Ltd. (together "Greencells Group"), which is active worldwide as a solar project developer, the company has the know-how in all project phases to optimally plan, finance, implement and operate solar projects. Greencells GmbH, founded in 2009 and headquartered in Saarbrücken, has around 70 employees as well as several hundred skilled workers at the active construction sites. As one of the largest European providers of solar power plants, Greencells Group has already been successfully involved in the construction or planning of over 2.3 GWp capacity in more than 25 countries.

Greencells contact:
Alexandra Roger-Machart | Head of Communications and PR | Mobile: +49 172 397 0957

Greencells GmbH
Bahnhofstr. 28
66111 Saarbrücken

Financial press contact:
Frank Ostermair, Linh Chung | Phone: +49 89 88 96906 25

Better Orange IR & HV AG
Haidelweg 48
81241 Munich

Important notice:
This publication does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities in any jurisdiction nor does it constitute a prospectus for securities within the meaning of Regulation (EU) 2017/1129, as amended ("Prospectus Regulation").

This publication is not intended for distribution or dissemination, directly or indirectly, in or into the United States of America (including its territories and possessions of any state or the District of Columbia) or to publications with a general circulation in the United States of America. This publication is neither an offer to sell nor an offer to buy or subscribe for securities in the United States of America. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. The Issuer does not intend to register any Notes in whole or in part in the United States of America or to conduct a public offering in the United States of America.

This publication is directed only at, and is intended only for, those persons in member countries of the EEA who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). In addition, this publication is being distributed in the United Kingdom and is directed only at those qualified investors (i) who have professional experience in investment business within the meaning of Article 19 (para. 5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (the "Order"), (ii) who are high net worth entities within the meaning of Article 49(2)(a) to (d) of the Order, or (iii) to such other persons to whom this publication may lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity in connection with this publication is available only to, and will be engaged in only with, (i) relevant persons in the United Kingdom and (ii) qualified investors in EEA member countries other than the United Kingdom.

Greencells GmbH does not intend to make an offer of securities to the public.

This publication is not an offer of securities for sale in Canada, Japan, Australia or any other jurisdiction in which such distribution, publication or transfer would be unlawful.

17.11.2021 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.

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Greencells GmbH

Bahnhofstraße 28

66111 Saarbrücken











Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

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