Greencells Sells 4GW Solar Portfolio to Davidson Kempner and NIC

Developer Greencells has reached a major milestone by securing a buyer for its 4GW solar and storage portfolio, spanning projects across Europe and Canada.

The portfolio, which includes 800MW of ready-to-build (RTB) projects, will be acquired by global investment firm Davidson Kempner Capital Management and private equity player Nature Infrastructure Capital (NIC).

Greencells specializes in the acquisition, development, financing, and operation of renewable energy projects. Following the transaction, the platform will continue to operate as an independent entity, led by Greencells' current CEO, Andreas Hoffmann.

The joint venture aims to accelerate the expansion of its project portfolio, scaling up operations in its key markets and exploring new opportunities. It plans to deploy substantial resources to move projects into operation, providing clean and reliable energy to local communities and industries.

Andreas Hoffmann, CEO of Greencells, commented: “This sale marks a significant milestone in Greencells’ growth journey. After several years of growing our development platform under the leadership of the Zahid Group, we are proud to see the size and quality of the portfolio created by our teams grow across Europe.”

The deal was supported by a team of advisors, with Deloitte (Financial & Tax), Environmental Resources Management (Technical), and Hogan Lovells, Willkie Farr & Gallagher LLP, and Ropes & Gray LLP providing legal counsel to the buyers.

On the sell-side, Greencells was advised by Marathon Capital (Financial), Loyens & Loeff (Tax and Notary), and PwC Legal and CETA Partners (Legal).