German solar and wind power utility, Blue Elephant Energy AG (BEE) have announced the signing of a development cooperation deal for a 500 MWp solar portfolio in Germany. The deal was signed with another German renewables developer and operator, Umweltgerechte Kraftanlagen GmbH & Co KG (UKA) who will assist the project development until it reaches a ready-to-build stage. Once the projects are completed, they will be a part of BEE’s asset portfolio.
The portfolio is made up of 11 projects in an advanced development stage, with the first solar farms expected to be completed in early 2023. The projects are located in Brandenburg, Mecklenburg-Vorpommern, Sachsen und Sachsen-Anhalt and range between 20 MWp and 130 MWp. Long-term power purchase agreements are expected to be signed with the projects to secure revenues.
BEE entered into the development framework agreement through its subsidiary BEE Development GmbH. The company acquires and operates solar and onshore wind parks across eight countries, with a focus on western and central Europe. BEE was founded in 2016 and since then, the company has a built a portfolio of 1,107 MWp. More than 70 per cent of the company’s capacity consists of solar parks. BEE is also working on new technologies such as energy storage to supplement its investment strategy.
By the end of 2020, the BEE saved 956,419 tonnes of CO2 and supplied 711,028 households with clean energy developments. Further, the company is also working in Chile and the Dominican Republic to improve education, the environment, and health care that directly benefit the local population.