Greencells unveils JV for 350-MWp solar development in Italy

Germany's Greencells GmbH on Thursday announced a joint venture in Italy for the development of 350 MWp of agrisolar projects.

The solar plant builder said that its sister development company Greencells Group Holding Ltd has formed a 50/50 JV with Italian project development partner Renewable Consulting SrL, called Greencells Agrosolar Srl, to develop a 350-MWp cluster of 14 projects in Foggia in the southern Italian region of Puglia.

The first of the projects are expected to achieve ready-to-build status around the turn of the year. The Foggia Sud cluster is focused on agrisolar, or when land is used both for agriculture and solar generation.

Simultaneously, Greencells said it has fully placed its EUR-25-million (USD 30.1m) secured green bond. The company completed a EUR-15-million first tranche issue of the security in December 2020. The five-year bond carries a coupon of 6.5% per annum and is tradable on the Open Market of the Frankfurt Stock Exchange.

"With the bond funds, we will be able to further accelerate our expected growth as planned," said chief executive Andreas Hoffmann.

(EUR 1.0 = USD 1.203)

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