The portfolio consists of more than 30 solar PV projects, with individual project sizes ranging between 2 and 70 MW, and ready to build (RTB) dates expected between 2023 and 2025. The majority of projects are envisaged to be operated on a merchant or PPA basis (Power Purchase Agreement), whereas a noteworthy part that has been deemed suitable will participate in the upcoming EEG tenders (German renewable energy act).
The transaction represents one of the largest merchant solar project deals seen in the growing German PV market and is the largest renewable energy project to be implemented by ENVIRIA to date. It was structured as a framework purchase and co-development agreement and was originally done with the downstream division “Green Energy Solutions (GES)” of Hanwha Qcells GmbH back in March of 2022. The agreement was transferred to Q ENERGY – a new company into which Qcells’ former GES unit has recently been transformed. Q ENERGY group is comprised of a holding and two subsidiaries, offering holistic green energy solutions to its partners on the European downstream market.
“We are pleased to enter into a strong strategic partnership with an international and reputable company such as Q ENERGY. This unique cooperation strengthens our activities in the free-field solar plant segment and provides us with planning security for a substantial share of our expanding German pipeline in free-field solar capacity”, says Melchior Schulze Brock, founder and CEO of the ENVIRIA Group. “With this 500-megawatt pipeline, we have proven that ENVIRIA’s forward-thinking approach works. We successfully secured the space and financing capital required, structured and planned the projects and can now move forward with their implementation. This is the very definition of our ecosystem approach: creating smart matches within our network”.
Sang Chull Chung, CEO of Q ENERGY said: “Q ENERGY is an experienced player in the European landscape of renewable energy projects. With more than 1GW of successfully completed solar power plants and an active pipeline of over 7 GW we are currently expanding our portfolio from solar to wind to large scale energy storage. Our ambitions on the German market are specifically high. We are therefore delighted to join forces with ENVIRIA as a co-development partner and add 500 MW of solar project rights to our growing pipeline in Germany.”
On the legal side Q ENERGY was advised by Eversheds Sutherland, while ENVIRIA was supported by ADVANT Beiten in the transaction, with Capcora as their M&A advisor.
