Greencells Group, with its companies Greencells Group Holdings and Greencells, a developer and an EPC, O&M service provider for utility-scale solar projects, has acquired 304 MW of solar projects in Spain and Greece.

The projects – Leda and Bizarrona with a total installed capacity of 29 MW located in Spain, and a 275 MW Megalo Monastiri solar project in Greece.

Greencells is expected to develop the projects to ready-to-build status by 2023.

The acquisition helps to expand Greencells Group European development pipeline to over 3.5 GW. The pipeline projects are spread across all major European solar markets, where Greencells is also active with its branches and companies. The solar projects are located in Italy – 1,500 MW, France – 80 MW, Germany – 100 MW, Spain – 400 MW, Greece – 525 MW, Poland – 300 MW, Hungary – 250 MW, the Netherlands – 100 MW, and Romania with around 300 MW in capacity.

“For 2022, we expect Greencells Group Holdings Ltd, which is responsible for project development within the Group, to generate a net cash inflow of well over €25 million (~$27.81 million) from the planned sales of ready-to-build projects. Furthermore, these projects alone will lead to secured EPC revenues at Greencells of over €230 million (~$255.81 million) in 2022 and 2023. This demonstrates the particular strength of our integrated business model: via project development, which is essentially supported by bondfunds in the form of intra-group loans, we generate high cash returns at an early stage, and at the same time,’ we secure additional EPC revenues”, explains Andreas Hoffmann, CEO of Greencells.

Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s 2021 annual solar funding and M&A report.