Greencells GmbH, a globally active EPC and O&M service provider for utility-scale solar power plants, was able to place a first tranche with a volume of EUR 15 million for its secured 6.5% Green Bond 2020/2025 (ISIN: DE000A289YQ5) during the offer period.
The proceeds from the issue are intended to further accelerate the successful growth. Therefore, among other things, the acquisition of project rights almost ready to build and – in addition to own funds – the expansion of the project development business of the sister company are planned. With the current volume of the bond funds, at least 600 MWp of new projects could already be developed up to the ready-to-build stage during the term of the bond and thus supply approx. 230,000 to 260,000 households with green electricity. Depending on the market environment, Greencells GmbH intends to conduct further private placements up to a full placement with a volume of EUR 25 million in the coming months. The Green Bond is expected to be included in trading on the Open Market (Quotation Board) of the Frankfurt Stock Exchange on 9 December 2020. The issue was accompanied by DICAMA AG as financial advisor and ICF BANK AG as bookrunner.
“We would like to thank all investors for the trust they have placed in our company and our growth strategy by subscribing. As a new issuer, we are very satisfied with the current placement result of EUR 15 million – especially in view of the current capital market environment,” explains Andreas Hoffmann, CEO of Greencells GmbH. “And what makes us particularly confident for further private placements in the coming months: The capital market also shares our opinion that our own as well as the sector-specific growth prospects in the solar market are absolutely intact. For this reason, numerous investors have already given us indications that they are very interested in investing in a somewhat calmer environment. We see this continuing interest, together with the placement result, as a clear mandate to consistently drive forward the energy transformation in partnership with our investors, particularly in Europe. We have shown that even in Corona times many investors want to join us on the path to sustainable development – that was our goal. We start exactly where it is important for the climate: with projects for renewable energy production based on solar energy, the world’s cheapest energy source.”
Dr. Peter Vest, CSO of Greencells GmbH: “We are in the comfortable position that the bond funds are being used purely to accelerate our already expected further growth. After all, we already have a very strong, secured EPC pipeline, which has grown by another 250 MWp to 2.05 GWp in recent weeks and thus corresponds to expected EPC sales of over EUR 950 million by 2024 based on market values. In this context, we are able to set up the suitable financing mix for the respective projects in a very variable way and, with the Green Bond, we now have an additional instrument that will certainly continue to grow in importance. Furthermore, we can continue to rely on an extensive circle of national and international banking partners that has grown over many years.”
The successful partnership with Nordic Solar in Poland will also contribute to further growth of Greencells GmbH. After a photovoltaic portfolio of 6 MWp was successfully realized in Nowogard in 2019, an EPC contract for a 38.5 MWp photovoltaic portfolio located at various sites throughout Poland has now been signed. The projects are scheduled to be progressively completed between Q2 and Q4 2021.
In the coming years, Greencells GmbH will focus primarily on the European market. As a result of the outcome of the presidential election, the USA will focus more strongly on climate protection again under new leadership. This will create further very attractive opportunities in the short term, which the company will seize flexibly. Greencells benefits in the USA from its own local team, which has already successfully implemented projects with local partners.
Source: Yahoo Finance UK