Greencells places first €15m of green bond, bags Poland EPC deal

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Greencells employees trialling AR technology at a recent site build. Image: Greencells.

Solar EPC and O&M provider Greencells has successfully placed the first tranche of a secured green bond, raising €15 million (US$17.9 million) to finance a growth push.

Greencells, which first confirmed plans for the fundraise last month, will use the proceeds from the bond to help fund project rights for solar farms with a combined capacity of at least 300MWp, bolstering the project development business of Greencells’ sister entity.

The company also confirmed that, pending market conditions, it intends to conduct additional private placements over the coming months, up to around €25 million (US$29.8 million).

Andreas Hoffmann, CEO at Greencells, said the company was particularly confident of future private placements given how the capital market shared its opinion that sector-specific growth prospects for solar are “absolutely intact”.

“For this reason, numerous investors have already given us indications that they are very interested in investing in a somewhat calmer environment.

“We see this continuing interest, together with the placement result, as a clear mandate to consistently drive forward the energy transformation in partnership with our investors, particularly in Europe,” Hoffman said.

Meanwhile, in a further development, Greencells CSO Peter Vest said that the company’s EPC pipeline has grown by a further 250MWp in recent weeks and now stands in excess of 2GWp, equivalent to EPC sales of around €950 million based on 2024 market values.

A tranche of that additional capacity relates to a newly-signed contract with Nordic Solar to develop a 38.5MWp solar portfolio in Poland.

Read Next

April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
Renewables firm Global Energy Services (GES) has started construction work on three solar projects in Spain with a combined capacity of 131MWp
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
April 6, 2021
LONGi Green Energy has confirmed the creation of a new business unit centred around the world’s nascent green hydrogen market.
April 1, 2021
US President Joe Biden has heaped importance on clean energy research and development, arguing it to be pivotal to boosting the country’s economic recovery within a multi-trillion-dollar infrastructure stimulus package.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021