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.