German renewables asset operator Blue Elephant Energy has shelved plans for an initial public offering (IPO) after it secured a €75 million (US$88.8 million) cash injection.
Athos, which represents high net wealth individuals and family offices and is the family office of Germany’s Strüngmann family, has agreed to invest €75 million in Blue Elephant in exchange for a 15% stake in the business.
Athos has also agreed an option for a follow up investment under similar terms.
As a result of the deal, Blue Elephant’s executive and supervisory boards have decided to abandon plans to launch an IPO later this year.
Blue Elephant currently has just over 1.1GW of renewable energy assets under operation, some of which remain under construction. It has a further 1.4GW of solar capacity under co-development agreements with various solar developers, including deals in Germany, Greece and the Dominican Republic.
Felix Goedhart, CEO at Blue Elephant, said Athos was the “perfect partner” for the company and fits its shareholder structure.
“Blue Elephant Energy AG is very well positioned in the renewable energy markets and is set to further grow strongly. The team is one of the most experienced in the market and we see a great fit with the existing investors,” Thomas Maier, managing director at Athos, said.