German renewables investors Thuga Erneuerbare Energien (THEE) and CEE Group have signed a memorandum of understanding to jointly operate large-scale unsubsidised photovoltaic plants totalling 500MW.
THEE has access to suitable sites in several German states and brings planning and energy management expertise as well as operator know-how to the cooperation.
Some projects are located in Mecklenburg-Western Pomerania and in Brandenburg, and are already in development.
CEE, a Hamburg-based renewable energy investor, acquires, operates, maintains and repowers large-scale solar plants across continental Europe and will contribute capital, financing expertise and international market and transaction knowledge to the partnership.
Thuga Group, which set up the THEE platform and which also comprises the largest network of municipal utilities in Germany, will provide long-term power purchase agreements for the solar plants.
THEE managing director Thomas Walther said: “Solar energy is the technology of choice when it comes to implementing the first subsidy-free large-scale PV projects in Germany with long-term power purchase agreements, due to the very low production costs.
“In this context we are very pleased that we have found in CEE a financially strong and very experienced partner in the field of large-scale photovoltaic plants.”