Blue Elephant Energy and UKA Enter Into a 500 MWp Solar Development Cooperation for Projects in Germany

PVTIME - 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.

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