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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.