Clifford Chance

Clifford Chance Amsterdam advises Blue Elephant Energy on the acquisition and financing of two solar parks in the Netherlands of a total of 146 MW

Clifford Chance Amsterdam has advised Blue Elephant Energy AG (BEE), the Hamburg-based independent operator of solar and wind farms, on the acquisition and financing of two solar parks in the province of Groningen, the Netherlands with a capacity of 146 MW. The solar parks – including their interconnection and the connection to the public electricity grid – are currently under construction and planned for commissioning late 2020.

BEE acquired the solar parks from Chint Solar Nederland B.V. (Chint), also acting as EPC and O&M Contractor in relation to the solar parks post-closing. BEE has taken out a debt financing from Landesbank Baden-Württemberg to finance construction. Norton Rose Fulbright acted as lender's counsel. Chint was represented by DLA Piper.

The Clifford Chance team advised BEE on the due diligence, project documents, the acquisition, corporate structuring, acquisition financing and closing. The team was led by Hein Tonnaer and furthermore consisted of Liesbeth Buiter, Lotte de Bruin, Rutger Dekker, Jasper Wesselman, Joris Dortmans, Stern Flik, Nolan Groenland, Thomas Heijerman, Charlotte Horsten, Mark-Jan Arends, Arwin Lok, Iga Mamczarz, Marina Sarkisjan, Bahar Sharif, Charlotte Smit and Michiel Sunderman.

In total BEE has now acquired five projects with a total capacity of 280 MW from CHINT. Clifford Chance also advised BEE on these previous projects. The first three parks are already connected to the grid and operating. Most recently, the 103 MW project in Midden Groningen was commissioned in early November 2019. It is as of today the largest operating solar park in the Netherlands.

About Blue Elephant Energy AG

Blue Elephant Energy AG acquires and operates solar farms and wind farms as well as other infrastructure projects in the field of renewable energies. BEE is currently active in five different markets and operates a renewable energy portfolio of 628 MW. BEE´s aim is to build up a high-class portfolio of renewable energy assets to contribute its share towards a bigger renewable energy supply and to provide its shareholders with attractive returns. BEE invests in sustainable projects that generate long term predictable cash flows. BEE partners in particular with project developers who value BEE's reliability and dynamic approach and are looking for repeat business. With equity and equity-like funds provided and committed by BEE's shareholders and Gothaer insurance group, approx. EUR 300 million are available to expand the portfolio. Via the use of project financings at project level, an investment volume of up to EUR 1.1 billion can be realized. BEE is investing in politically stable regions and acquires ready-to-build or operating solar farms and wind farms.