Orrön Energy has entered into an agreement with Saxovent Renewables to sell a 76 MW solar project in Germany, for a total consideration of MEUR 4.0. The consideration paid at closing is MEUR 2.0, with the remaining consideration contingent upon municipal and legislative approvals.
The project is located in the northeastern part of Germany, and is being developed as an agrivoltaic (Agri-PV) project, enabling agricultural activities to take place alongside solar power generation. Half of the total consideration of MEUR 4.0 is paid at closing, which is expected imminently. The contingent consideration of MEUR 2.0 is subject to the fulfilment of two conditions: (i) municipal approval of the zoning plan (Satzungsbeschluss) and (ii) EU Commission approval of the German Solar Package 1 legislation.
The transaction forms part of the Company’s strategy to monetise early-stage projects from its greenfield portfolio to diversify and enhance revenue streams.
Daniel Fitzgerald, CEO for Orrön Energy commented:
'I am very pleased to announce the first sale from our greenfield portfolio in Germany, which demonstrates our ability to unlock value early in the development cycle and marks an important step in delivering on our strategy. Germany remains one of our key markets for greenfield projects, with a strong demand for renewable energy and a supportive regulatory framework. I expect this to be the first in a series of project sales, as we continue to develop and mature our greenfield pipeline and deliver long-term value from this platform.'
Source: Orron Energy
