Blue Elephant Energy (BEE) announced on April 15 that its subsidiary BEE Development has signed a framework agreement with Umweltergerechte Kraftanlagen (UKA) to develop a PV portfolio with a generation capacity of 500MWp. BEE is a company that acquires and operates PV and wind projects, while UKA specializes in building turnkey PV projects. Both companies are based in Germany. According to the framework agreement, UKA will design and construct PV projects that will later come under the ownership of BEE.
The 500MWp portfolio comprises 11 upcoming projects that will be dotted across the German states of Brandenburg, Mecklenburg-Western Pomerania, Saxony, and Saxony-Anhalt. The scales of these projects will range between 20MWp and 130MWp. The first batch of these projects is scheduled for completion in early 2023. BEE stated that the portfolio will generate revenue through long-term PPAs.
Tim Kallas, CIO of BEE, said that Germany has a “very attractive” and “stable” PV market, and working with UKA will allow his company to expand its domestic PV portfolio while avoiding the various risks associated with project development. Once in operation, the 11 PV projects are expected to offset 280,000 tons of CO2 emissions and power 200,000 households.
The framework agreement is still pending approval from the Federal Cartel Office that regulates market competition in Germany.