Greencells forms agrophotovoltaics joint venture after green bond issue

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Image: Greencells.

Solar services provider Greencells has formed a joint venture with Italian developer Renewable Consulting to develop a 350MWp solar project portfolio in Pugila.

The JV, which is called Greencells Agrosolar S.r.l., includes a portfolio of 14 solar assets that are expected to reach ready-to-build status either at the end of the year or early 2022. They also include a new focus on agrophotovoltaics, a small but growing innovation within solar development.

Greencells announced the new partnership when it closed a €25 million green bond issue on the Frankfurt Stock Exchange.

The bond offers interest of 6.5% annually over five years, and a semi-annual payout.

Andreas Hoffmann, Greencells’ chief executive officer, said that demand for green bonds from established solar industry players is “unbroken”.

“With the bond funds, we will be able to further accelerate our expected growth as planned.”

It is not the only European agrisolar venture under way this year. German renewables group BayWa r.e. has said that it plans to expand an agroPV project in the Netherlands that combined solar with redcurrants. Enel Green Power also began trials at nine pilot plants in southern Europe in February, and construction is to begin soon at two community PV parks on the east coast of Spain that will explore how growing tropical fruit is impacted by solar panels.

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