Two German companies have joined forces to develop and build 500MW of solar capacity in the country over the next few years.
The partners in the new joint venture are Aracari, a project developer of photovoltaic plants, and Vestinas, an investment company set up by the Doric Group and its shareholders.
The long-term partnership aims to develop solar parks throughout Germany.
The first projects are expected to be ready for construction in the first half of 2023.
“Having a strong partner at our side gives us a decisive advantage, especially in the search for suitable land and in respective regulatory approvals,” said Oliver Niedhöfer, co-founder and co-Managing Director of Aracari, at the signing of the joint venture agreement.
“Strategically, the cooperation with Vestinas Solar offers the opportunity to further expand in the booming German solar market.
“By combining our many years of experience in the solar industry and our technical know-how with the financial strength of Vestinas, we can grow our project portfolio, exploit synergies and realise a flow of solar park developments.”
Sibylle Pähler, Managing Director of Vestinas, said: “We are delighted to partner with Aracari which will allow us to further expand our solar business within the Doric Group.
“Aracari has many years’ experience in implementing photovoltaic projects.
“In addition to our comprehensive ESG strategy in the Doric Group, this joint venture is another important milestone in aligning our business activities with our social responsibility for a sustainable world.”
Vestinas has contributed an initial capital injection in Aracari Solar and will support the development of specific projects with respective financing commitments.
The focus is on subsidy-free solar parks of at least eight hectares throughout Germany.