German solar energy firm Greencells has acquired five solar photovoltaic (PV) projects in Italy with a combined capacity of 233MWp.
Located in the south of Sardinia, the five solar PV projects are currently in the development phase.
Greencells expects that the acquired portfolio could achieve ready-to-build status, with all accompanying building permits, in the first half of next year.
The deal has increased the company’s total development, engineering, procurement and construction (EPC), and operations and maintenance (O&M) portfolio in Italy to 876MWp.
The financial details of the deal have not been disclosed.
The purchased solar farms form a part of a cluster of up to 15 projects with a total capacity of up to 790MWp. Greencells also plans to buy the remaining 557MWp of capacity subject to thorough due diligence.
Greencells CEO Andreas Hoffmann said: “This transaction strengthens our position as one of the leading co-developers and EPC service providers in Italy, one of the most attractive energy markets in Europe.
“Our already secured portfolio will play an important role in our transformation from a third-party EPC company to a highly profitable, integrated platform for the development, financing and efficient implementation of solar projects in core European markets and attractive global target markets.
“Our new highly profitable projects are meeting strong demand due to regional climate targets in Sardinia. In addition, we expect a yield of at least 1,900kWh/kWp, which is a peak value in Europe.”
Based in Saarbrücken, Greencells offers EPC and O&M services for large-scale solar power plants.
The company has been involved in the development or planning of around 135 photovoltaic plants across 25 countries.
It currently has a total of 2.3GWp of installed capacity across all its operations.
In 2020, Halpro Engineering, Greencell’s joint venture with Malaysian construction company Majulia, invested in Malaysia’s first bifacial-plus-trackers solar project.