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.
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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.
