Einhundert, Triodos JV to invest EUR 70m in rooftop solar in Germany
Image by Bundesverband Solarwirtschaft (BSW)
German green energy supplier Einhundert Energie GmbH and a fund managed by Netherlands-based Triodos Investment Management have formed a joint venture to invest up to EUR 70 million (USD 71.36m) in rooftop solar photovoltaic (PV) systems on multi-tenant buildings across Germany.
The joint company, dubbed Einhundert Solar GmbH, will finance solar systems on residential and commercial properties, for real estate solar electrification projects acquired and operated by Einhundert, the cleantech said on Tuesday.
The combined equity and senior debt volume of the joint venture is expected to reach EUR 70 million in the next two to three years which will be enough to deploy more than 50 MW of solar capacity on real estate properties across the country.
The partners have already secured EUR 10 million in debt from an undisclosed German bank.
Founded in 2017, the Cologne-based company offers the installation and operation of rooftop solar systems to support real estate companies to decarbonise buildings and supply green electricity to tenants. Real estate companies transfer the right to install solar panels on their roofs to Einhundert which plans, builds and finances the PV systems. The clean power produced by the solar plants is supplied to the buildings’ tenants.
The cleantech company sees increasing demand for its offer amid rising decarbonisation pressure coupled with shortages of material and installer capacities.
“With the JV Einhundert Solar, we can now serve this demand together with Triodos Energy Transition Europe Fund. For the future, we see plenty of expansion opportunities,” said Einhundert's founder and chief executive Ernesto Garnier.
As part of the partnership, Triodos Energy Transition Europe Fund will also take a minority stake in Einhundert Energie and investment manager Daphne Postma will join the German company's advisory board.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.