Greencells issues €25m green bond to pursue 1.8GWp EPC pipeline

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Greencells' solar farm in Coombeshead, the UK, one of more than 2.1GWp of projects completed by the company. Image: Greencells.

German solar engineering, procurement and construction (EPC) provider Greencells has issued a secured green bond worth €25 million, the proceeds of which will be used to target a substantial EPC pipeline.

The company, which also provides operations and maintenance (O&M) services, has issued the bond with a volume of up to €25 million (US$29.5 million) with a coupon of 6.5% per annum over a term of five years. The green bond has been certified by sustainability rating agency imug, and investors will be able to participate from 16 November to 7 December.

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Proceeds from the bond issue will be used by Greencells to accelerate sales growth in Europe and beyond, Andreas Hoffmann, founder and CEO at Greencells said.

“With a secured EPC pipeline of 1.8 GWp, we already have an excellent basis for our further dynamic growth,” Hoffmann said, revealing the company expects sales between now and 2024 to top €850 million (US$1 billion).

Greencells said it had around 506MWp of solar projects currently under construction or already completed this year, a figure which had been slightly impacted by the pandemic triggering some development delays, although no projects were cancelled entirely. The company said it expects a “slightly dampened” half-year turnover figure in 2020, however this will climb throughout 2021 as development work accelerates and Greencells said it had already secured projects with a forecasted turnover of €113 million for next year.

The bond is to be secured against shares in solar project companies with a net security value of €34.5 million and assignment of EPC proceeds with a contract value of at least €10 million.

The fundraise comes little more than two years after Saudi Arabian conglomerate Zahid Group took a 50% stake in Greencells, a transaction Hoffmann described as being an “inflection point” for the company at the time.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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