The interest in Enviria is transferred from Galileo to BlackRock, in order to advance the joint venture

Pan-European renewables developer Galileo Green Energy on Tuesday said it has agreed to sell its interest in Enviria, a German provider of commercial and industrial (C&I) solar systems, to US asset manager Blackrock.

Galileo's announcement comes a few days after Enviria said it got an equity investment of over USD 200 million (EUR 185m) from BlackRock, through its Global Renewable Power IV (GRP IV) fund, to support the expansion of its existing 500 C&I solar energy projects across Germany.

“For the next growth chapter, Enviria will now be backed by Blackrock,” says the statement by Galileo, which has supported the German firm as an initial Series A investor since November 2021.

Galileo and Enviria will continue to partner under the joint venture called Galileo Enviria Solar, which focuses on ground-mounted solar and storage projects in Germany. The joint business already has a pipeline of over 1.4 GW in different stages of development, to which it aims to add 1 GW of projects per year.