On 23rd November 2022, the German MDAX-listed wind and solar park operator Encavis AG [Encavis] (Prime Standard, ISIN: DE0006095003, ticker symbol: ECV) completed the purchase of a 55 MW solar development from Hive Energy [Hive]. The project, named Fundici, was developed by Hive and the company will remain involved in the project until completion.
The Fundici development is located in Guillena, Spain and will have 55 MW capacity once built – providing enough electricity to power around 28,300 homes per year. The project already has land and grid connection secured and is considered ready-to build (RTB). Now that the deal is complete, the companies aim to commence building shortly. Hive’s Group company, Ethical Power, is in place to construct the park.
Hive already has proven success in developing and selling solar farms across Spain. Earlier this year the company sold three projects with a total of 64.53 MW capacity. Hive Energy has now sold 15 solar projects in the country with an overall capacity of 1,126 MW. In Spain alone, Hive has a renewable energy pipeline of over 7.5 GW, including solar, wind, and green hydrogen development across the region.
The company is focusing on green hydrogen development across the globe but has a particularly strong pipeline in Spain. Of the 7,811 MW pipeline in the country, 7,432 MW is attributed to a variety of green hydrogen projects. Projects include a mixture of technology combinations, including solar, wind, green hydrogen, and green ammonia.
Giles Redpath, CEO of Hive Energy, commented on the deal: “The Spanish team are doing a fantastic job with developing and progressing their projects. This is our fourth project completion in the country this year alone and Spain is one of our leading countries for renewable energy development. We’re pleased that Ethical Power, part of the extended Hive Group, can construct the project so we can see this whole project from beginning to end. This is the first deal Hive has completed with Encavis and we are extremely happy with the ease of the process and to be working with another likeminded company.”
“With this acquisition we will not only add further production capacity to our European renewable energy portfolio in line with our >> Fast Forward 2025 goals, but also further strengthen our already significant business in Spain by teaming up with Hive Energy and its strong presence in the Spanish market”, explains Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO) of Encavis AG. “The next step will be to acquire additional solar parks in Spain to sign an attractive joint Power Purchase Agreement (PPA)”, he adds.
Additional Information: Hive Energy
Hive Energy, headquartered in the UK, was founded in 2010 by Giles Redpath to participate in the significant solar PV expansion across England. The company now operates from over 20 countries globally, including Brazil, Canada, Croatia, Greece, Italy, New Zealand, Serbia, South Africa, Spain, and the UK.
The Hive Energy Group is recognised internationally as a trusted partner in the development, construction, and operation of large-scale renewable energy projects. Hive is known for its innovative approach and market leading vision across both renewable energy and circular economy industries. Hive has established some of the world’s leading solar projects, including the UK’s largest solar park, an upcoming green hydrogen plant in Spain, and plans for the world’s largest Green Ammonia plant. Hive Carbon has also established its patented technologies in Biochar Activated Carbon and Industrial Biomass Waste conversion.
Hive is currently developing over 26,000 MW of renewable energy projects. To date, Hive’s projects have generated over £1.5billion capital expenditure in green energy projects, saving 1,982,248 tonnes of CO2 each year.
About ENCAVIS:
Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates solar parks and (onshore) wind farms in eleven European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.4 gigawatts (GW), which corresponds to a total saving of more than 1.4 million tonnes of CO2 per year. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors.
Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with “A” and ISS ESG with their “Prime” label.
Additional information can be found on www.encavis.com
