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WFW advises Blue Elephant on acquisition of large Greek solar parks2 March 2021

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Watson Farley & Williams (“WFW”) advised long-standing client Blue Elephant Energy AG (“Blue Elephant”), the Hamburg-based independent operator of solar and wind power plants, on the acquisition of operational solar parks in Greece with a total capacity of 45 MWp from ABO Wind AG (“ABO Wind”).

This transaction marks Blue Elephant’s entry into the Greek renewable energy market, with the acquisition of operational PV farms with capacities of 7 MWp (located in Kossos, near Xanthi in the north-eastern region of Western Thrace) and 38 MWp (located in Megala Kalyvia, near Trikala in the central region of Thessaly). The PV project located in Megala Kalyvia, near Trikala, with an overall capacity of 38 MWp, is the largest operational solar park in Greece.

ABO Wind became the owner of the projects in 2018, when it acquired them as development phase projects. The planning, construction and grid connection of these projects took place between 2019 and 2020.

Blue Elephant is a renewable energy developer, focussed on acquiring and operating solar parks and wind farms, especially in Western Europe. Its renewable energy assets contribute to the supply of sustainable energy by saving 800,000 tons of CO2 annually and providing 335,000 households with clean energy.

The WFW Athens Energy team that advised Blue Elephant was led by Partner Virginia Murray, supported by Senior Associate Maira Galani and Associate Eleni Stylianou.

Virginia commented: We are pleased to have been able to support Blue Elephant on this important project which marks its entry to the Greek market and enables them to further diversify their portfolio geographically. This represents another case in which WFW Athens has helped bring a significant transaction over the line in the vibrant Greek energy sector. The WFW Athens team’s experience of over twenty years in this sector meant that we were able to provide Blue Elephant with detailed and practical advice on all elements of the deal’’.

‘’We are delighted 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,” commented Tim Kallas, Chief Investment Officer of Blue Elephant Energy AG.

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