Davidson Kempner Capital Management and Nature Infrastructure Capital (NIC) have teamed up to acquire a Netherlands-based solar and storage projects development business from Greencells Group.
The pair has jointly invested an undisclosed amount to acquire a business specialising in the acquisition, development, financing and operation of renewable and sustainable energy projects across major European markets and Canada.
The platform is currently advancing a 4GW project portfolio of utility-scale solar and battery projects in these regions and will operate as a standalone venture, led by Andreas Hoffmann, the founder and CEO of Greencells.
Hoffmann said: “This sale marks a significant milestone in Greencells’s 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.
“Davidson Kempner and NIC are seasoned and sophisticated investors with an impressive track record in renewables.”
Majid T Zahid, energy group president of Zahid Group, said: “Our investment in Greencells has been centred around our dedication to encouraging renewable energy across the globe. To see the development platform taking shape within a few years is impressive, and we wish Davidson Kempner and NIC great success in advancing it further.”
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