Blue Elephant nets EUR-50m investment for more solar, wind farms

German solar and wind farm operator Blue Elephant Energy AG on Thursday announced a new investment partnership with domestic insurance groups Barmenia and uniVersa, and said the funds could contribute to purchasing more renewable energy plants in its pipeline.

The two insurers will subscribe to EUR 50 million (USD 57.8m) in participation rights capital, to be provided to a subsidiary of Blue Elephant for a period of 20 years.

The investment, coupled with equity to be contributed by the German renewable power producer as well as individual project financing, will facilitate the potential acquisition of plants worth around EUR 300 million.

"Our pipeline of attractive projects is well filled, so we can invest the funds from this partnership very quickly," Blue Elephant's chief financial officer Gerd Weidenfeld said.

The deal means two more insurance companies will provide participation capital, in addition to Gothaer insurance, with which Blue Elephant has partnered since 2016.

Blue Elephant buys and operates solar and wind parks in eight countries focusing on western Europe. The company has a portfolio of 1,108 MW, part of which is under construction. It has secured an additional 1,391 MW of solar farm capacity under co-development agreements with a number of developers.

(EUR 1 = USD 1.156)

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