Hamburg operator Blue Elephant enters ‘promising’ Greek solar market

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Image: ABO Wind.

Hamburg-based solar operator Blue Elephant Energy has entered the Greek market for the first time by acquiring two solar parks totalling 45MWp capacity from developer ABO Wind AG.

They include a 7MWp plant in Kossos, close to the northeastern city of Xanthi, and a 38MWp plant in Megala Kalyvia in the Trikala regional unit. ABO Wind acquired both projects during their development in 2018, and oversaw their completion between 2019 and 2020. The projects generate roughly 80GWh per year collectively, according to a statement, and uses single-tracker technology to maximise yields. Panagiotis Sarris, ABO Wind’s general manager, said the projects “have proven that we are capable of installing even technologically challenging solar parks in record time.”

ABO also plans to develop five further projects in Greece’s Epirus region, according to a statement from the company.

Tim Kallas, Blue Elephant’s chief investment officer, said the acquisition would allow the company to enter Greece’s “promising” solar market “as well as further diversifying our portfolio geographically”.

The company owns a total of 1,104MW renewables capacity globally, and bought a majority shareholding in a 116MW solar park in the Dominican Republic in 2019. More recently, it entered into a joint development agreement for a project portfolio covering 237MWp of solar capacity in Italy and the Netherlands last month.

Greece’s government has pinned its hopes on the fast-growing renewables sector as part of its own post COVID-19 economic recovery. More than €2 billion (US$2.44 billion) is to be spent on renewables investment projects in Greece over the coming years after the government approved investment for a 2.8GW pipeline. It includes €888 million (US$1.83 billion) for 1.5GW of solar PV parks across 12 regions of Central and Northern Greece, and a further €421.6 million (US$514.1 million) for 37 PV plants totalling 830MW in Larissa, Magnesia and Kilkis.

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