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Blue Elephant Energy AG enters into a new investment partnership - Barmenia and uniVersa subscribe participation right capital of EUR 50 million for investments in renewable energy plants

11. November 2021

• Blue Elephant Energy AG (BEE) gets new investment partners. Entities from the insurance groups Barmenia and uniVersa will subscribe to EUR 50 million in participation rights capital as part of a new investment partnership, which will be invested in renewable energy generation plants.
• Together with BEE's equity contribution and project financing at the level of the parks, plants worth around EUR 300 million can be purchased within the framework of this cooperation.
• Including the first investment partnership with Gothaer insurance, which has already been fully invested, BEE now has three renowned insurance groups as investors.

The Hamburg-based solar and wind farm operator Blue Elephant Energy (www.blueelephantenergy.com) has two further investment partners in Barmenia and uniVersa. The two insurance groups will provide participation right capital of EUR 50 million to a subsidiary of BEE for a period of 20 years. Together with the equity capital that BEE will contribute and the project financing at the park level, renewable energy plants worth around EUR 300 million can be purchased from this investment partnership.

Dr. Gerd Weidenfeld, CFO of Blue Elephant Energy AG comments: "Barmenia and uniVersa are perfect partners for us. Their interest in long-term ESG investments fits perfectly with our
renewable energy investments. Our pipeline of attractive projects is well filled, so we can
invest the funds from this partnership very quickly."

Dr. Anton Buchhart, Head of the Investment Department at Barmenia, comments: "Blue Elephant Energy AG is very well positioned in the future market of solar and wind energy generation and has excellent access to attractive projects. We are thus continuing on our sustainable path in Barmenia's capital investment. " Frank Sievert, Member of the Board of uniVersa, added: "Investments that have a positive impact on the environment are becoming increasingly important for the insurance industry and we are therefore very pleased to be able to further expand our portfolio in this area together with BEE. "

Including Gothaer insurance, with which an investment partnership has been in place since 2016, BEE has now been able to win three renowned insurance groups for investment cooperations.

About Blue Elephant Energy AG
Blue Elephant Energy AG (BEE) acquires and operates solar and wind parks in eight countries
with a focus on Western Europe. Founded in 2016, BEE currently operates a renewable energy
portfolio of 1,108 MW, part of which is under construction. By the end of 2020, BEE's renewable energy assets have contributed to sustainable energy supply by saving 956,419 tonnes of CO2 and providing clean energy to 711,028 households. As part of its ESG strategy, BEE contributes directly to social projects at the local level, particularly in Chile and the Dominican Republic. BEE has secured an additional 1,391 MW of solar farm capacity under co-development agreements with a number of developers based on long-standing relationships and mutual respect. With equity provided by BEE shareholders, participation capital provided by insurance companies and project financing, BEE has been able to build a total balance sheet of over EUR 1.3 billion since its inception.

Blue Elephant Energy signs Principles for Responsible Investment (PRI)

12 October 2021

Hamburg, 12 October 2021 – The Hamburg-based solar and wind farm operator Blue Elephant Energy (www.blueelephantenergy.com) joins the UN-supported network for sustainable investments (UN PRI).

The UN PRI is an investor initiative supported by the United Nations with the aim of creating a standard framework for the consideration of environmental protection, social standards and corporate governance criteria (Environmental, Social and Corporate Governance, ESG) in investment decisions.

Felix Goedhart, CEO of Blue Elephant Energy: "By signing the PRI, we reaffirm our sustainable investment approach, which goes far beyond the sustainable nature of our core business. Since our founding, we have seen our international commitment as an opportunity and responsibility to improve the living conditions of the people at our sites. This is especially true for our locations in countries that are less prosperous than our home markets in Western Europe."

Dr Gerd Weidenfeld, CFO of Blue Elephant Energy: "With investments of over €1.2 billion in the renewable energy sector within a period of just five years, Blue Elephant Energy is already an attractive partner for financiers with a strong ESG focus. As a member of the UN PRI, we now aim to further strengthen our holistic ESG approach and to increase transparency on ESG to invest and grow even more sustainably."

By signing the PRI, Blue Elephant Energy commits to consider ESG criteria in all investment decisions and to publish an annual report on its sustainable investments in a freely accessible manner. By implementing these principles, Blue Elephant Energy also contributes to the development of a more sustainable investment climate, environment and society.

Blue Elephant Energy with new major shareholder – Athos Family Office invests € 75 mn and will hold 15 % of the firm

July 7th, 2021

NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR PUBLICATION OF THIS RELEASE WOULD BE UNLAWFUL.

• Blue Elephant Energy AG (BEE) welcomes a new major shareholder. Athos, the family office of the Strüngmann family, will subscribe a € 75 mn private capital increase, making them one of the major shareholders with a 15 % stake. In addition, Athos receives an option for a follow up financing in a similar magnitude.
• BEE will continue executing its growth strategy with unchanged dynamics and is very well financed for this purpose.
• As a result, BEE will not pursue the IPO, which was scheduled for the third quarter 2021.

Hamburg, July 7, 2021 – Blue Elephant Energy AG (www.blueelephantenergy.com), a Hamburg-based independent operator of solar and wind power plants, welcomes Athos as a new major shareholder. Athos will subscribe a € 75 mn private capital increase and will hold a 15 % share in the company. In addition, Athos has an option for another equity investment of up to € 75 mn. As a result, the Executive Board and the Supervisory Board decided to stop the IPO process early, even before setting the price range. The IPO was planned for the third quarter 2021.

Athos is the family office of the Strüngmann family and ranges amongst Germany's most renowned investors. As a long-term oriented investor, Athos focusses on innovation and sustainability in its portfolio. The family office is, inter alia, a majority shareholder in BioNTech SE, in which the Strüngmann family plays a key role since its foundation.

Felix Goedhart, CEO of Blue Elephant Energy AG, comments: "Athos is the perfect partner for us and fits wonderfully in our entrepreneurial shareholder structure. Now we work together to further implement our growth strategy."

Thomas Maier, managing Director of Athos KG comments: „Blue Elephant Energy AG is very well positioned in the renewable energy markets and is set to further grow strongly. The team is one of the most experienced in the market and we see a great fit with the existing investors.

BEE will continue to realize it growth strategy based upon the three pillars of excellent access to projects, strict investment discipline and optimized operational and commercial management. In addition to the existing funds, another € 75 mn of equity are available for future expansion of the portfolio of solar and wind parks now. These are supplemented by further financing instruments, such as participation rights or the typical project financings at the asset level.

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 1,107 MW, from which a part is under construction. Until the end of 2020, BEE´s renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 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 1,391 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 1.2 billion since inception.


Contact for Press & Investor Relations:
Blue Elephant Energy AG
Jungfernstieg 51
20354 Hamburg
Phone: +49 40 320 27 21 0
E-Mail: ir@blueelephantenergy.com

Blue Elephant Energy locks in land deal over 300 hectares for the operation of ground-mounted PV capacity of over 300 MWp in Germany

June 15th, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants has entered into a cooperation agreement on potential solar sites with a combined capacity of 300 ha with a long-time partner. Completion of the first solar parks is expected for early 2023.

About 12 solar projects with capacities between 10 MWp and 50 MWp individually will be implemented – in total more than 300 MWp. BEE will focus on the realization of the projects, on structuring project financing and on negotiating the Power Purchase Agreements ("PPAs"). After construction, BEE will remain as the majority shareholder of the solar asset portfolio. The main gross revenues are expected to be secured via long-term Power Purchase Agreements, while some individual areas may be remunerated under the Renewable Energy Act (EEG).

The portfolio will contribute to a reduction of global CO2 emissions by approximately 170,000 tons and will account for the annual electricity consumption of 120,000 households once in operation.

„With this partnership, BEE can significantly expand its German portfolio in a stable and currently very attractive market for PV electricity. The energy transition requires much larger volumes of power from renewable sources. We are excited to contribute to this mission with this new cooperation." comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.


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 1,107 MW, from which a part is under construction. Until the end of 2020, BEE´s renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 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 1,391 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 1.2 billion since inception.

Blue Elephant Energy and EnBW sign long-term power purchase agreements for PV projects in Spain

Three solar parks with a total capacity of 150 megawatt will be realized in Andalusia by Q2-2022.

Hamburg/Karlsruhe, June 10th, 2021. The Hamburg-based operator of solar and wind power plants Blue Elephant Energy AG (BEE) and EnBW Energie Baden-Württemberg AG (EnBW) entered into long-term power purchase agreements (PPAs) for a 150-megawatt solar park project in the Spanish region of Andalusia. Both parties have agreed not to disclose any details about the economic terms of the electricity price, which has been fixed for 10 years.

The BEE project which consists of three solar parks, each with an installed capacity of 50 megawatt, and a substation, is already under construction. Grid connection of the solar power plants is scheduled for the second quarter of 2022. The solar power plants are expected to generate around 315 gigawatt hours of eco-friendly electricity every year. That is enough solar energy to meet the annual electricity needs of around 95,000 households and reduce annual carbon emissions by about 96,000 metric tons.

PPAs make it possible to build and operate unsubsidized renewable power plants and are therefore a key tool of the energy transition (Energiewende). "As EnBW's trading division, we connect developers and operators of renewable power plants with the market with tailor-made products and services. We are pleased that we are now also able to contribute our expertise to the Spanish market," explains Peter Heydecker, who is responsible for the trading division at EnBW. EnBW acts as an intermediary between producer and consumer of electricity and adapts the renewable energies, which can only be planned to a limited extent, to the needs of the electricity consumer, because market integration of renewable energies is fundamental to the success of the energy transition (Energiewende). "With our long-standing experience on both the generating and trading side, we see good marketing opportunities in the Spanish wholesale market as well as for customer-specific solutions," says Heydecker.

BEE also appreciates the advantages of having a broadly based partner in the energy industry: "In the rapidly growing market for green electricity, power purchase agreements secure predictable revenues and enable us to realize projects that are not government-funded. That is why we are pleased to realize our first unsubsidized solar power project in Spain together with EnBW while contributing to a sustainable and clean energy supply on the Iberian Peninsula," says Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.
The solar park project has been financed by Bayerische Landesbank. Swiss-based advisory firm Pexapark acted as BEE's PPA Advisor.

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 1,107 MW, from which a part is under construction. Until the end of 2020, BEE´s renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 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 1,091 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 1.2 billion since inception.

About EnBW
EnBW Energie Baden-Württemberg AG is one of the largest energy supply companies in Germany and supplies electricity, gas, water and energy solutions and energy industry services to around 5.5 million customers with a workforce of around 25,000 employees. A key element of our strategy involves promoting further growth to become a sustainable and innovative infrastructure partner to customers, citizens and local authorities and transforming the company to embrace renewable energies and intelligent infrastructure solutions. Half of EnBW's generation portfolio is set to be made up of renewable energies by 2025 and the company wants to be fully climate-neutral by 2035.
As a partner on equal terms, EnBW's trading division helps customers to integrate their plants into the market and thus actively supports the market integration of renewable energies with its services and expertise.

Contact
Blue Elephant Energy AG
Karen Westphal
Jungfernstieg 51
20354 Hamburg
Phone: +49 40 320 27 21 0
E-mail: IR@blueelephantenergy.com
Website: www.blueelephantenergy.com

EnBW Energie Baden-Württemberg AG
Ramona Sallein
Press Officer for Photovoltaics
Durlacher Allee 93
76131 Karlsruhe
Phone: +49 721 63-14321
E-mail: r.sallein@enbw.com
Website: www.enbw.com

 

Blue Elephant Energy and UKA enter into a 500 MWp solar development cooperation for projects in Germany

April 15th, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants has, through its subsidiary, BEE Development GmbH, entered into a development framework agreement on solar portfolio with a capacity of 500 MWp with the project developer and operator of renewable energy systems Umweltgerechte Kraftanlagen GmbH & Co.KG from Meissen (UKA). Completion of the first solar parks is expected for early 2023.

The portfolio includes 11 solar projects in an advanced development stage with capacities between 20 MWp and 130 MWp individually. These solar projects are located at various locations in the German federal states of Brandenburg, Mecklenburg-Vorpommern, Sachsen und Sachsen-Anhalt. UKA will develop the projects until they reach ready-to-build status. After construction, the parks will remain part of BEE's renewable asset portfolio. The gross revenues are expected to be secured via long-term Power Purchase Agreements.

The portfolio will contribute to a reduction of global CO2 emissions by approximately 280,000 tons and will account for the annual electricity consumption of 200,000 households once in operation.

"We are pleased to expand our long-standing business relationship with UKA from which we have already acquired various wind projects. Even more so, we are pleased to be able to expand this partnership in the solar sector as well. By securing this portfolio, BEE can significantly expand its German portfolio in a stable and currently very attractive market for PV electricity without bearing risks from project development" comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.
"In order to successfully implement solar parks, you need partners with whom you can work together trustingly over the long term. Blue Elephant Energy AG has been such a partner for us for many years "emphasizes Gernot Gauglitz, Managing Partner of UKA.

For formal reasons, the cooperation is subject to cartel approval and still requires approval by the Federal Cartel Office.


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 1,107 MW, from which a part is under construction. Until the end of 2020, BEE´s renewable energy assets contribute to a sustainable energy supply by saving 956,419 tons of CO2 annually and providing 711,028 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 1,091 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 1.2 billion since inception.


About Umweltgerechte Kraftanlagen GmbH & Co. KG:
UKA plans, builds, supports and operates wind and solar farms as well as associated infrastructure. Founded in 1999, the company is one of the leading German wind farm developers with around 60 wind farms and solar farms* connected to the grid and an international project pipeline of four gigawatts. As a full-service provider, the group provides all services up to the turnkey handover of the facilities. Subsequently, the subsidiary UKB Umweltgerechte Kraftanlagen Betriebsführung GmbH will provide optimum technical and economic support for renewable energy generation plants for decades. The UKA Group currently employs around 700 people at its locations in Meissen, Cottbus, Rostock, Lohmen in Mecklenburg, Erfurt, Magdeburg, Oldenburg, Bielefeld, Grebenstein (near Kassel) and Hanover. Furthermore, UKA is currently expanding its business activities in other European markets. UKA Iberia S.L.U. has been operating from Madrid since 2019. In addition, UKA North America LLC from Stuart (Florida) is driving promising renewable energy projects in the USA.

*partially realized by a partner of UKA, unlimited energy GmbH, in which UKA has a majority stake.

Blue Elephant Energy signs joint development agreement for 119 MWp Solar in Italy with Green Future S.r.l.

March 25th, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants and Green Future S.r.l. ("Green Futures"), a Sicily-based technical planning and project development company for solar power plants, have entered into a joint development agreement for a portfolio of 119 MWp of solar capacity, which is expected to reach ready-to-build status by the end of 2022.

The portfolio includes six solar projects in the region of Sicily in Italy, which is characterized by both high solar irradiance and higher electricity price levels than mainland Italy.

The portfolio will contribute to a reduction of global CO2 emissions by approximately 87,000 tons and will account for the annual electricity consumption of 78,000 households once completed.

"We are pleased to expand our portfolio in the growth market of Italy with this project development. Some of the landowners are already partners from our existing facilities. Due to very competitive project development costs in combination with a particularly attractive PPA market and electricity price environment, we will be able to expand our existing portfolio at very attractive conditions. At the same time, these projects will allow us to further contribute to a more sustainable and cleaner energy supply," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.

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 has been built up a renewable energy portfolio of 1,104 MW, part of which is under construction. BEE´s renewable energy assets contribute to a sustainable energy supply by saving 1.02 million tons of CO2 annually and providing 755,000 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 591 MW Solar Park capacity in the context of co-development agreements with a limited range of developers. With equity provided by BEE's shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest above EUR 1.2 billion since inception.

About Green Future:

The Green Future is a successful provider for the planning, construction and maintenance of utility-scale solar power and wind power plants, for over 10 years. In particular, Green Future is focused on the region of Sicily and has already supported a large number of solar and wind power plants in the development, planning, construction and operation; execute infrastructure planning for public and private customer; created environmental studies, landscape planning and technical planning concepts and designed restoration measures on compensation areas for solar and wind power plants.

Blue Elephant Energy enters Greek market. Acquisition of the largest operational solar park from ABO Wind AG

February 15th, 2021

Blue Elephant Energy AG ("BEE"), a Hamburg-based independent operator of solar and wind power plants and ABO Wind AG ("ABO Wind"), a global project development company for energy supply plants from renewable energy sources, have reached an agreement regarding the sale of two operational solar parks with a total capacity of 45 MWp.

The first project is located in Kossos, near Xanthi and has a capacity of 7 MWp. The second one is located in Megala Kalyvia, near Trikala with an overall capacity of 38 MWp. Together, both projects will yield an estimated output of about 80 million kilowatt hours per year. To date, Megala Kalyvia is also the largest operational solar park in Greece.

Abo Wind had acquired both projects during development in 2018 and finalised the planning, engineering, construction and grid connection between 2019 and 2020. At Megala Kalyvia, ABO Wind also constructed a new private substation to feed the generated electricity into the high-voltage grid. The project uses single tracker technology to optimize the yield.

"We are pleased to announce the acquisition of these two projects, allowing us to enter the promising Greek market, as well as further diversifying our portfolio geographically. Finally, these solar projects will allow us to further contribute to our overarching commitment towards a more sustainable and cleaner energy supply," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.
"In only a few years, we have become an important part of the Greek renewable energy market," says ABO Wind's General Manager Panagiotis Sarris. "With these solar projects, we have proven that we are capable of installing even technologically challenging solar parks in record time."

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 1,104 MW, part of which is under construction. 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. With equity provided by BEE's shareholders and participation rights capital provided by medium sized insurance companies, BEE has been able to invest around EUR 1.2 billion since inception.

About ABO Wind AG:
ABO Wind is a globally successful project developer for renewable energies with more than 700 employees. Since 1996, the company has developed and sold wind energy, solar and biogas projects with an output of 3,500 megawatts, more than 1,500 of them as turnkey projects.

Blue Elephant Energy signs joint development agreement for 237 MWp Solar in Italy and the Netherlands with Greencells Group

January 29th, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants and Greencells Group ("Greencells"), a global service provider for the development, construction, and maintenance of utility-scale solar power plants, have entered into a joint development agreement for a portfolio of 237 MWp of solar capacity in Italy and the Netherlands.

The portfolio includes six solar projects in the region of Puglia in Italy with a total planned capacity of 158 MWp and seven solar projects in the Netherlands with a total planned capacity of 79 MWp. The projects are at an advanced stage of development. The first projects will reach ready-to-built status by 2022. The complete connection of the entire portfolio to the electricity grids is expected by 2025 at the latest.

The portfolio will contribute to a reduction of global CO2 emissions by approximately 268,000 tons and will account for the annual electricity consumption of 96,000 households once completed.

"We are pleased to expand our long-standing business relationship with Greencells with the successful execution of this joint development agreement. By securing this portfolio at an advanced development stage, we will be able to expand our existing portfolio in our core markets and, moreover, do this at attractive conditions for our investors. At the same time, these projects will allow us to further contribute to a more sustainable and cleaner energy supply," comments Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.

Andreas Hoffmann, CEO of Greencells Group, adds: "The development agreement now concluded represents another important milestone in the cooperation with our long-standing partner Blue Elephant Energy. The project portfolio reflects the increased strategic commitment of our Group in the focus market of Europe. We look forward to providing full development, construction and O&M services for all projects under this cooperation, thereby leveraging our full range of services."

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.

About Greencells Group:
The Greencells Group is a global service provider for the planning, construction and maintenance of utility-scale solar power plants. Founded in 2009 and headquartered in Saarbrücken, Germany, the group employs more than 100 employees and several hundred skilled workers at the respective active construction sites. As one of the largest European providers in the photovoltaic sector, the Greencells Group has successfully participated in the construction or planning of PV power plants with a cumulative capacity of more than 2.1 GWp in over 25 countries. The Group has four regional offices to serve the growing global demand for solar and hybrid solutions.

Blue Elephant Energy enters into cooperation with oEnergy on a 119.5 MWp solar portfolio in Chile

January 28th, 2021

The Hamburg-based solar and wind farm operator Blue Elephant Energy AG (BEE) signed a joint venture agreement on 30 December 2020 to develop, build and operate a 119.5 MWp portfolio of distributed solar farms across Chile. The strategic partner is oEnergy Generación Solar Distribuida SpA (oEnergy), based in Santiago, Chile.

The portfolio will be fully developed by oEnergy, which will also be responsible for the turnkey EPC of the solar parks. In addition, oEnergy will remain involved in the long term both as a minority shareholder and as technical and commercial operator.

The portfolio consists of 12 projects located between the regions of Valparaíso and Biobío, with the majority of the parks to be built in the Maule region. The first projects started construction in January 2021 and will be operational in July 2021. The entire portfolio is scheduled for completion by September 2022. The projects will operate under Chile's small-scale distributed generation programme (known as "PMGD") and sell their energy at the regulated "stabilised price".

"We are pleased to have closed our first transaction in Chile with a strategic partner that has a solid track record in the development, EPC and operational management of small-scale solar farms," said Tim Kallas (BEE's Chief Investment Officer). "The addition of 119.5 MWp to our overall portfolio strengthens and diversifies our international footprint. We see great potential both in Chile and across Latin America to drive renewable energy projects and support the continent on its path to carbon neutrality. This cooperation underlines our global commitment to a greener future."

"We are thrilled to partner with BEE on this ethical investment that will create a greener future for Chile," said Yuri Andrade Sylvester (Chief Business Development Officer of oEnergy). "This transaction advances oEnergy's debut as an IPP and solidifies its operational track record across the PMGD project lifecycle. Our continued goal of deploying long-term capital looks more promising with BEE by our side."

Once the portfolio is completed, BEE will operate a total PV portfolio of over 177 MWp in Latin America, together with the Montecristi solar park in the Dominican Republic.

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.

About oEnergy Generación Solar Distribuida SpA (oEnergy):
oEnergy Generación Solar Distribuida SpA is a Chilean private joint stock company founded in 2013. oEnergy aims to create value for its investors and democratise the Chilean wholesale and retail energy market through the development, construction, operation and ethical investment in distributed generation. oEnergy has 135 MWp of capacity connected or under construction and a further 220 MWp of projects under development. oEnergy currently employs 130 professionals and operates 31 PMGDs projects.

Blue Elephant Energy completes acquisition of 47 MW of PV projects in the Netherlands from LC Energy

January 27th, 2021

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind power plants completed the acquisition of four construction-ready photovoltaic parks in the Netherlands with a combined capacity of 47 MW.

The acquired portfolio consists of four photovoltaic parks located across the South East and East of the Netherlands. Construction will start in the first half of 2021 and grid connection and start of commercial operations are foreseen prior end of 2021. LC Energy will continue to support BEE through the construction process, leveraging its expertise in grid connection, permitting, and land management to support the projects' long-term success.

Within the national energy generation mix, the portfolio will help to reduce the CO2 emissions in the Netherlands by approximately 26,500 tons and serves the electricity needs of 15,000 households annually from its completion onwards.

With the acquisition of the solar portfolio BEE expands its portfolio to 500 MW in the Netherlands and to 1,066 MW worldwide.

Tim Kallas, Chief Investment Officer of Blue Elephant said: "We are delighted to have concluded the first transaction with LC Energy and to add another 47 MWp to our rapidly growing solar portfolio in the Netherlands, now summing up to roughly 500 MWp and increasing our overall renewable portfolio to around 1,066 MW. We are happy to contribute with each single renewable energy project towards a more sustainable and cleaner energy supply.

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.

About Low Carbon:
Low Carbon is a leading renewable energy investment and asset management company committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency.
A certified B Corp, Low Carbon has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. The team is actively engaged in the UK and European waste-to-energy market and with a renewable energy pipeline of more than 4GW, the business is well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.

About Qing:
Qing is a top 50 engineering firm in the Netherlands. Qing's consultants, project managers and engineers deliver innovative and sustainable solutions in the field of industrial automation, special machinery and renewable energy. Their renewable energy development team are specialists in all aspects of the development process, including land contracting, project permitting, technical design, financial and construction management.

Contact:
Blue Elephant Energy AG
Karen Westphal
Jungfernstieg 51
20354 Hamburg
Fon: +49 40 320 27 21 0
Fax: +49 40 320 27 21 02
E-Mail: IR@blueelephantenergy.com

Blue Elephant Energy completes acquisition of 146 MW of PV projects in the Netherlands from CHINT Solar

January 31st, 2020

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind farms completed the acquisition of two photovoltaic parks in the Netherlands with a capacity of 146 MW on December 18th, 2019.

The acquired portfolio consists of two photovoltaic parks located in Groningen and Drenthe, two provinces in the north of the Netherlands. Construction start is taking place in February 2020 while grid connection and start of commercial operations are foreseen prior end of 2020.

Within the national energy generation mix, the portfolio will help to reduce the CO2 emissions in the Netherlands by approximately 80,000 tons and serves the electricity needs of 45,000 households annually from its completion onwards.

CHINT Solar developed the solar parks with the involvement of regional development partners and provincial and municipal support. CHINT Solar further takes over the role as Lead EPC and will remain involved as the Operations and Maintenance provider.
In total BEE has now acquired five projects with a total capacity of 280 MW from CHINT Solar. 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 and the only one that has been connected directly to the high voltage transmission grid.

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.

About CHINT Solar

CHINT Solar forms the Renewables division of the CHINT Electric Group, a Shanghai stock-exchange listed company that was founded in 1984 in Wenzhou, China. CHINT's renewable division started activities in 2006 with the establishment of its crystalline silicon solar module manufacturing facility branded as "Astronergy". With over 10 years of stable growth and technical innovation, CHINT holds manufacturing capacities of more than 4 GW annually for solar panels. Its Astronergy brand is listed as Tier 1 solar module provider for consecutive years by Bloomberg. With regard to its downstream activities, CHINT Solar has developed and built worldwide more than 4.5 GW of utility-scale solar projects and holds more than 3 GW in operation. In Europe, CHINT Solar has formed a dedicated project development division in the end of 2016 led by a team with long-standing experience in the development, construction, financing and operation of PV projects. CHINT Solar has established itself as a reliable development partner to local stakeholders and the Renewable Investments sector. Since, CHINT Solar has developed over 300 MW in the Netherlands and is working on an additional pipeline of more than 2 GW of large-scale projects in the Netherlands, Germany, Spain, Portugal and Eastern European countries to contribute to Europe's energy transition.

Acquisition of a wind farm portfolio with a capacity of around 20 MW in Germany

November 14th, 2019

Blue Elephant Energy AG (BEE), the Hamburg-based independent operator of solar and wind farms, acquired an German wind park portfolio with an installed capacity of 22.4 megawatt (MW) on 18 September 2019.

The portfolio consists of 6 wind turbines, which are located in the district of Ludwigslust-Parchim in Mecklenburg-Western Pomerania in the North of Germany. The wind turbines have been in operation since 2016 and 2018 and benefit from feed-in tariffs between EUR 69.7 and EUR 85.8 per megawatt hour (MWh).

BEE expects that the portfolio will contribute more than EUR 4.3 million to the group's annual revenues and will save about 72,840 tons of CO2 emissions annually.

The seller of the portfolio is the energy park developer UKA (UKA). This is already the second transaction between UKA and BEE. Stefan Kath, responsible for sales at UKA, says: "We already got to know BEE last year as a reliable and strong partner and we are pleased about the successful transaction."

With the acquisition of the wind farm BEE expand its German portfolio from 129 MW to 149 MW.

"UKA and BEE both are experienced companies in the field of renewable energies and have helped to drive the energy transition in Germany. The acquisition of the wind farm is another step in the close cooperation of the companies." Says Tim Kallas, Chief Investment Officer of BEE.

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´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 315 million are available to expand the portfolio, of which EUR 236 million are already invested. 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.

Sale of a solar park portfolio with a capacity of around 47 MW in United Kingdom

November 5th, 2019

Blue Elephant Energy AG (BEE), a Hamburg-based independent operator of solar and wind farms, sold its United Kingdom (UK) solar park portfolio with an installed capacity of 47,56 megawatt (MW) to the London-based investor Elm Trading Group, advised by Alpha Real Renewables at very favorable terms.

The portfolio was financed with Bayerische Landesbank and consists of nine operational solar parks that were commissioned between December 2015 and March 2017. The solar parks are located in the regions of South Wales (Wales), Somerset (England) and West Sussex (England). In 2018, the projects contributed EUR 1.2 million to the operating result. Sales in the same year amounted to EUR 5.9 million.

With the sale of its UK portfolio, BEE withdrew its entire operations from the UK. The sale price achieved leads to a significant profit according to IFRS and under the German Commercial Code (HGB) and confirms that BEE's active portfolio management approach increases value of the existing portfolio. The released cash will be invested in attractive opportunities currently available to BEE. In addition, the company is no longer exposed to the ongoing Brexit discussions and eliminates GBP/EUR currency risk.

"With the sale of the UK portfolio, which is just under three years old, we are demonstrating that we are in a position to invest in high-quality renewable assets that also stand up to external due diligence and have substantial hidden reserves that will be released if they are sold", comments Tim Kallas, Chief Investment Officer of 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´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 315 million are available to expand the portfolio, of which EUR 236 million are already invested. 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.

Acquisition of a solar park portfolio with a capacity of around 26 MW in Italy

July 3rd, 2019

Blue Elephant Energy AG (BEE), the Hamburg-based independent operator of solar and wind farms, acquired an Italian solar park portfolio ("Project Apricus") with an installed capacity of 26 megawatt (MW) on 03 July 2019.

The portfolio consists of 7 solar parks, which are located in Central and Southern Italy. The solar parks are operational since 2011 and 2012 and benefit from feed-in tariffs between EUR 0.108 and EUR 0.259 per kilowatt hour (kWh).

BEE expects that the portfolio will contribute more than EUR 6.5 million to the group's annual revenues and will save about 18,500 tons of CO2 emissions annually.

With the acquisition of the Apricus portfolio, BEE expands its Italian footprint from 42 MW to 68 MW. As a result, the total installed capacity of BEE's solar and wind farm portfolio increases to 508 MW.
Blue Elephant Energy AG acquires and operates solar and wind parks as well as other infrastructure projects in the field of renewable energies. 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, more than 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 and wind farms.

Acquisition of a wind farm in Rheinland-Pfalz

February 28th, 2018

Blue Elephant Energy AG (BEE), the Hamburg-based independent operator of solar and wind farms, acquired a German wind farm located in Rheinland-Pfalz on 28 February 2018.

The wind farm with a total capacity of 9.23 MW consists of 3 Vestas V112 wind turbines of 3.0 MW each. The wind farm is operational since 2014 and benefits from an EEG feed-in-tariff in the amount of 9.0 EUR cent per kilowatt-hour (kWh).

With the acquisition of the wind farm BEE expands its portfolio to 60 MW in Germany and to 252 MW worldwide.

Blue Elephant Energy AG acquires and operates solar and wind parks as well as other infrastructure projects in the field of renewable energies. 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, more than 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 and wind farms.

Acquisition of a solar park portfolio with a capacity of around 22 MW in Italy

February 5th, 2018

Blue Elephant Energy AG (BEE), the Hamburg-based independent operator of solar and wind farms, acquired an Italian solar park portfolio with an installed capacity of 22 megawatt (MW) on 25 January 2018.

The portfolio consists of 15 solar parks, which are located within a 50-km radius in the regions Abruzzo and Marche in the Center of Italy. The solar parks have been in operation since 2011 and benefit from feed-in tariffs with EUR 0.291 to EUR 0.346 per kilowatt hour (kWh).

BEE expects that the portfolio will contribute more than EUR 10 million to the group's annual revenues from 2018 onwards.

The seller of the portfolio is VIRIDIS Energia Srl (VIRIDIS), headquartered in Milan, Italy, an Independent Power Producer (IPP) with an established track record of more than 110 MW in the development, acquisition, revamping and management of renewable energy plants. VIRIDIS is an industrial player highly focused on the photovoltaic small and mid-market consolidation process.

"Consistently with our industrial strategy we successfully completed this first portfolio sale and a second one, already under management, will be marketed within 2019 to institutional investors. These sales generate additional resources to boost our green investments pipeline (>250 MW), mainly targeting the domestic renewable energies market in the coming years. We are glad that our first portfolio has been acquired by BEE that is an experienced investor and a reliable partner with whom we want to further enlarge our collaboration in the future", says Paolo Pesaresi, Chairman of the Board of VIRIDIS.

Banca IMI acted as financial advisor to VIRIDIS for the disposal of the solar assets.

With the acquisition of the VIRIDIS portfolio, BEE expands its Italian footprint from 20 MW to 42 MW. As a result, the total installed capacity of BEE's solar and wind farm portfolio increases to more than 240 MW.

"The acquired portfolio fits well into our investment strategy and we are looking forward to deepening our partnership with VIRIDIS in the future as we value their professionalism", says Tim Kallas, Chief Investment Officer (CIO) of Blue Elephant Energy AG.

Blue Elephant Energy AG acquires and operates solar and wind parks as well as other infrastructure projects in the field of renewable energies. 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, more than EUR 300 million are available to expand the portfolio. Via the use of project financings at the 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 and wind farms.