In a press release published on April 22, Greencells GmbH announced that it has successfully issued green bonds that are valued at EUR 25 million and formed a joint venture with Renewable Consulting S.r.l. to set up PV projects in Italy. Greencells is a German company that handles EPC and O&M of utility-scale PV projects. Renewable Consulting is an Italian renewable energy developer. The bonds are listed on the Frankfurt Stock Exchange and offer an annual interest rate of 6.5% over the term of 5 years. The interest is paid semi-annually. As for the joint venture, it will be developing PV projects that feature the dual use of land for power generation and agricultural activities.
Andreas Hoffman, CEO of Greencells, said there is always demand for green bonds issued by companies that are demonstrated to have a viable business model and a credible growth strategy.
The joint venture, which is named Greencells Agrosolar S.r.l., has a portfolio of 14 PV projects that will be ready for construction sometime between the end of 2021 and the start of 2022. With a total generation capacity of 300MWp, the projects will be clustered in the Apulia region of Italy. The ownership of the joint venture is divided equally between Greencells and Renewable Consulting.
Earlier in January, Greencells entered into an agreement with Blue Elephant Energy AG (BEE) to jointly develop 13 PV projects in the Netherlands and Italy. BEE is another German renewable energy developer. Based on the schedule that has been disclosed to the public, all projects under this deal will complete grid connection by 2025. Together, the 13 projects have a total generation capacity of 237MWp. Greencells is known for promoting an augmented reality technology for remote assistance at construction sites.