January 26 (Renewables Now) - German solar and wind farm operator Blue Elephant Energy AG has agreed to acquire six ready-to-build solar projects in the Netherlands with a combined capacity of 120 MWp to expand its portfolio in the country to 621 MW.
The parks will be located in the northeast of the country and are expected to go online in the second half of this year, offsetting 90,000 tonnes of carbon emissions annually, Blue Elephant Energy said on Wednesday.
The vendor is Chint Solar which developed the projects and will be responsible for the engineering, procurement and construction (EPC) works.
The purchase will boost the renewables portfolio of the German company to 1,228 MW. The Hamburg-based power producer develops and operates solar and wind farms in eight countries with a focus on Western Europe.
The deal for the Dutch solar bundle comes after Blue Elephant Energy unveiled in November a new investment partnership with insurance groups Barmenia and uniVersa. The EUR-50-million investment by the insurers and equity to be provided by the German renewable power producer, as well as individual project financing, will facilitate the potential acquisition of solar and wind parks worth around EUR 300 million (USD 338.04m).
(EUR 1 = USD 1.127)