Greencells Group is a global project developer and provider of EPC and O&M services for large-scale solar power plants
Greencells further expands development portfolio in Italy. (Credit: Zsuzsa Bóka from Pixabay.)
Greencells, a global developer and EPC service provider for utility-scale solar power plants, is consistently continuing its growth course in Europe. Accordingly, five photovoltaic projects under development in the south of Sardinia with a total capacity of 233 MWp were purchased, bringing the secured development as well as EPC and O&M portfolio in Italy to a total of 876 MWp. Ready-to-build status with accompanying building permit is expected to be achieved in the first half of 2023. The five new projects are part of a cluster comprising a total of up to 15 projects with a combined capacity of up to 790 MWp, which will also be acquired by Greencells to the additional extent of up to 557 MWp, subject to thorough due diligence. Greencells is already seeing strong interest from major institutional investors and utilities for subsequent acquisition.
“This transaction strengthens our position as one of the leading co-developers and EPC service providers in Italy, one of the most attractive energy markets in Europe. Our already secured portfolio will play an important role in our transformation from a third-party EPC company to a highly profitable, integrated platform for the development, financing and efficient implementation of solar projects in core European markets and attractive global target markets,” says Andreas Hoffmann, CEO of Greencells GmbH. “Our new highly profitable projects are meeting strong demand due to regional climate targets in Sardinia. In addition, we expect a yield of at least 1,900 kWh/kWp, which is a peak value in Europe. Italy has a highly developed attractive PPA market as well as an adequate electricity price level and, like Germany, opted for a rapid coal phase-out – optimal conditions for solar power plants.”
Source: Company Press Release