Clifford Chance

Clifford Chance Amsterdam advises Blue Elephant Energy on the acquisition and financing of 47 MW of PV projects in the Netherlands from LC Energy

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 four construction-ready photovoltaic parks in the South East and East of the Netherlands with a combined capacity of 47 MW. BEE acquired the photovoltaic parks from LC Energy. With this acquisition, BEE expands its portfolio to 500 MW in the Netherlands and to 1,066 MW worldwide.

Construction will start in the first half of 2021, while grid connection and start of commercial operations are foreseen prior end of 2021. Once completed, this portfolio will contribute to reducing CO2 emissions in the Netherlands by approximately 26,500 tons, meeting the electricity needs of 15,000 households annually.

The Clifford Chance team advised BEE on the due diligence, project documents, the acquisition, corporate structuring, hybrid project/acquisition financing and closing. The cross-border team consisted of Hein Tonnaer, Liesbeth Buiter, Lotte de Bruin, Han Kalule, Esmee Oldenkamp, Charlotte Horsten, Joris Dortmans, Genia Baardman, Magdalena Kučko, Stern Flik and Michiel Sunderman in Amsterdam, and Christof Häfner and Philipp Borkowsky in Frankfurt.

Clifford Chance also advised BEE on previous projects (for more information, please click here).

About Blue Elephant Energy AG

Blue Elephant Energy AG (BEE) acquires and operates Solar Parks and Wind Farms in eight countries with a focus on Western-Europe. Founded in 2016, BEE is currently operating a renewable energy portfolio of 1,066 MW, part of which is under construction and will be grid-connected in 2021. BEE´s renewable energy assets contribute to a sustainable energy supply by saving 800,000 tons of CO2 annually and providing 335,000 households with clean energy. As part of its ESG strategy BEE directly contributes to social projects on a local level, particularly in Chile and in the Dominican Republic. BEE has secured additional 502 MW Solar Park capacity in the context of co-development agreements with a limited range of developers, based on longstanding relationships and mutual appreciation. With equity provided by BEE’s shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest well above EUR 1.1 billion since inception.