The Hamburg-based solar and wind farm operator Blue Elephant Energy AG (BEE) signed a purchase agreement on 03.05.2022 for the acquisition of a portfolio of PV parks in Italy with a total capacity of 4 MW. The closing of the transaction is expected for the second quarter of 2022 after the fulfilment of customary conditions precedent.

The portfolio with plant locations in Northern Italy has been in operation since 2011. After acquisition, BEE will implement technical optimisation measures in the PV parks that will ensure an operating life of another 30 years (so-called revamping). Through the revamping, all components of the PV systems are upgraded to the latest state-of-the-art technological standards, which significantly improves the PV plants' performance. Furthermore, the fixed-tilt structure will be replaced by trackers. Altogether, the revamping will increase the energy output by more than 30 %.

As a result of the transaction, BEE's operational portfolio in Italy will increase to a total capacity of 72 MW. In addition to the operational portfolio, BEE is currently developing PV projects with a planned total capacity of more than 378 MW in Italy.

"We are pleased to celebrate another milestone in Blue Elephant Enery AG's company history with this transaction. The portfolio in Italy allows us to tap into new market opportunities in the niche of Revamping and to further establish ourselves in the competitive Italian market," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG. "The Italian market remains a crucial pillar for the implementation of renewable energy projects that support the continent on its way to climate neutrality and self-sufficient electricity supply. With this project and the subsequent revamping, which will increase energy production by more than 30 %, we will yet make another contribution to our overarching commitment to a greener future."