Blue Elephant Energy, a Hamburg-based solar and wind project developer, announced the acquisition of an 88 MWp solar project portfolio spread across the Netherlands from TPSolar, a solar and battery storage project developer in the Netherlands. The portfolio consists of three solar projects, which are currently in different stages of development.
Of the three, the largest solar project, with 50 MWp capacity, located in the north-east of the country, is scheduled for commissioning in time for the turn of the year 2025/2026. Further, the portfolio includes a 9 MWp project, which has already been connected to the grid, and a 29 MWp project, which is expected to reach commercial operation in the second quarter of 2025. Both are located in the south of the country.
Once operational, the clean energy produced is expected to prevent about 48.830 tons of carbon dioxide emissions annually, as per the company.
The financial details of the acquisition remained undisclosed.
With this acquisition, the company expanded its portfolio in the Netherlands to 717 MWp capacity. Blue Elephant Energy now has a portfolio of 1,730 MWp, comprising solar and wind projects in nine countries.
‘We are pleased to increase our portfolio in the Netherlands to more than 717 MWp,’ commented Tim Kallas, Chief Investment Officer of Blue Elephant Energy GmbH. ‘This transaction strengthens our trustworthy partnership with TP Solar and is a testimony to our successful growth strategy and is making a further contribution to our overarching commitment to a greener future.’
In January 2022, the company acquired a solar projects portfolio with an overall capacity of 120 MW from Chint Solar. The acquired portfolio consists of six solar PV projects located in the northeast of the Netherlands.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
