New German JV Aracari Solar aims to develop up to 500 MW

German solar project developer Aracari GmbH and domestic investor Vestinas Solar GmbH have set up a joint venture (JV) that will aim to develop up to 500 MW of solar projects in Germany and bring them to the shovel-ready stage.

Work will be undertaken through Aracari Solar GmbH over the next few years, with the focus being on subsidy-free schemes covering at least 8 hectares (19.8 acres) of land. The creation of the joint company was announced on Tuesday by consultancy Capcora GmbH, which served as Aracari’s advisor in the transaction.

Vestinas, part of the Doric Group, has made an initial capital investment in the new entity and has committed to providing financing to specific projects.

The first projects in the portfolio are expected to be ready for construction in the first half of 2023. According to the announcement, the partners will seek to deploy energy storage technologies and agrivoltaic solutions.

“By combining our many years of experience in the solar industry and our technical know-how with the financial strength of Vestinas, we can grow our project portfolio, exploit synergies and realise a flow of solar park developments," said Oliver Niedhofer, co-founder and co-managing director of Aracari.

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