WEC Acquires 80% Stake in 250 MW Solar Project in Texas

CEE Group, a German-based asset manager, has acquired an 81.9 MW solar photovoltaic portfolio comprising six solar parks in the Netherlands from solar project developer Chint Solar Europe.

The portfolio comprises six individual ground-mounted solar parks, Vlowijker I, Vlowijker II, De Ekers, Dievelman, Eimersweg, and Boksveenweg. The commissioning of the acquired solar parks is planned for May to September 2023.

The Dutch division company of the Chint group will be responsible for the technical operations of the solar parks for the first two years, following which the CEE Group will take over.

Oliver Schweininger, CEO at Chint Solar Europe, emphasizes, “The 82 MW photovoltaic portfolio makes an important contribution on the way to an international energy transition based on renewable energies. We would like to thank the CEE Group for the partnership in implementing this photovoltaic portfolio, which is impressive in its dimension.”

Both parties have agreed not to disclose the purchase price.

The CEE Group has so far launched seven renewable energy funds in Germany and Luxembourg and manages approximately €2.3 billion (~$2.51 billion) in this asset class.

From the acquired photovoltaic portfolio, the solar parks Vlowijker I, Vlowijker II, and De Ekers will be financed from the CEE Renewable Fund 6 (CEE RF6) portfolio. The solar parks Dievelman, Eimersweg, and Boksveenweg are included in the portfolio of CEE Renewable Fund 7 (CEE RF7).

“The acquisition of the photovoltaic portfolio is an important step towards the further expansion of our portfolio on an international level and enables us as CEE to decisively expand our presence in the Netherlands. We would like to thank the experienced project developer Chint Solar Europe and all those involved in this transaction for the extremely professional and trusting cooperation,” explains Detlef Schreiber, CEO of CEE Group.

BJKT Law, Evergy Engineering, and Deloitte Netherlands were involved as advisors in this transaction. Deutsche Leasing Finance will be the financing bank for the project.

In December 2022, CEE Group acquired 44 MW of solar park in the Netherlands from the Denmark-based solar project developer Obton. The solar project in Harderwold, in the central Netherlands, is associated with annual electricity production of about 45.1 GWh and is expected to be commissioned by December 31, 2022.

According to Mercom’s Q4 and Annual Funding and M&A Report, there were 268 large-scale solar project acquisitions in 2022 compared to 280 transactions in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.