Capital Stage, which sees Germany as one of its core investment markets for renewable energy, bought over the 14 MW PV park from GP Joule, a renewable energy project developer. The total volume of investment lies at just under $18.83 million, with the acquisition of the project financing included. GP Joule's Saxony-Anhalt solar park portfolio consists of two PV power plants with a total capacity around 14 MW.
One PV park with an 8 MW capacity, which GP Joule developed, financed and built as a general contractor, has already been actively feeding into the German grid since 2002. This plant has a fixed long-term FIT of $0.124/kWh. The second 6 MW project, which according to GP Joule is one of the last solar parks in Germany under the old EEG 2014, will go online in September this year. Both PV plants are located in the Wittenberg district of Saxony-Anhalt.
This acquisition is part of the investment package being made in the context of a strategic partnership with the Gothaet insurance group. It entails an investment capital of 150 million (US$166 million) being made available to Capital Stage.
GP Joule's CEO Ove Petersen stated that the challenge will be to develop more solar parks in Germany with the increasingly difficult political conditions. He said, "Even the Key Issues Paper of the Federal Ministry of Economics on the planned tender design for renewable energy, presented a few days ago, does not provide real improvements here. The proposed tender volumes for ground-mounted PV systems shall remain extremely low, and areas where reasonable and system-conducive PV power could be generated, may not be considered."
He continued, "This raises prices for electricity from solar energy unnecessarily to the detriment of consumers. Here Germany has more than ever excellent potential to generate good value electricity from the sun and use it in terms of a successful and market-based energy transition for all. Hope remains that the policy recognizes this and adapts the corresponding tender design in time."
"The acquisition of this German solar park portfolio demonstrates once again that there are still plenty of highly attractive opportunities in the area of existing PV installations in Germany, which we will continue to analyse and benefit from in the future," added Felix Goedhart, CEO of Capital Stage AG.
"Due to our low-risk business model comprising solar parks and wind farms with fixed feed-in tariffs we are unaffected by the current macroeconomic fluctuations and rather profit from the existing and ongoing low-interest environment," Goedhart continued.
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