Alte Leipziger Hallesche, or ALH Group, an insurance group, acquired a 49.9% stake in a portfolio of sixteen solar projects with a total capacity of 597 MW from EnBW (Energie Baden-Württemberg), a German energy supplier.
The portfolio includes the new large-scale Weesow, Gottesgabe, and Alttrebbin solar projects – the first solar projects of such size in Germany to be built without subsidies. These account for around 80% of the installed capacity.
Located in the German states of Brandenburg, Baden-Württemberg, Bavaria, Mecklenburg-Western Pomerania, Rhineland-Palatinate, and Saxony, all of the solar projects were developed and built by EnBW, and most have only been connected to the grid in the last few years.
EnBW CFO Thomas Kusterer said: “In the ALH Group, we are delighted to have found an investor with a long-term commitment to ENBW’s solar projects. The partnership covers the entire operating life of the solar farms. Selling minority stakes on the basis of investment models is part of EnBW’s renewable energy business model. We plan to invest the sale proceeds in new growth projects in the renewable energy and grids segments. This is more important now than ever before because every megawatt-hour from renewables makes Germany a little less dependent on fossil fuels.”
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions were transacted in Q2 2022 compared to 82 transactions in Q1 2022. Spruce Power – a distributed generation solar systems owner and operator in the U.S. – recently acquired Level Solar’s entire portfolio of 2,637 rooftop solar assets totaling 16.5 MW.
In July 2022, CleanCapital, a clean energy investment platform, acquired a 36.6 MW solar project in Inalahan, Guam, from GlidePath Power Solutions, an energy storage developer and independent power producer in the U.S. The transaction includes the operating Dandan solar project and rights to GlidePath’s portfolio to the U.S. territory of Guam. The solar project commenced its commercial operations in October 2015 and currently generates 6% of the island’s electricity generation.