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

Facebook
Twitter
LinkedIn
Reddit
Email
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

Read Next

June 6, 2025
Eternal Sun has acquired German solar simulator provider Wavelabs, which has resulted in the formation of a new subsidy, Wavelabs Eternal Sun.
Premium
June 6, 2025
Europe must secure the 'strategic segments' of the solar supply chain, according to experts at a PV Tech panel at this year's Intersolar event.
June 5, 2025
Policy uncertainty in the US is likely to disrupt investment in clean energy, according to a recent report from Crux.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 4, 2025
Tariffs on US imports will increase the cost of US solar PV and energy storage technologies and slow the rate of project development, according to analysis from Wood Mackenzie.
June 3, 2025
US independent power producer (IPP) Silicon Ranch has invested US$3 million in autonomous robotics company Swap Robotics.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece