Green City megawatt solar parks in Saxony on the home straight
Green City AG recently constructed two megawatt-class solar parks in Saxony. The two plants with a total output of around 17 MWp were bundled in the ‘Green City Solarpark 2020’ and financed by issuing bearer bonds. Both investment projects have been successfully advanced in recent weeks despite the recent insolvency of Green City AG, which is acting as project developer. The electricity supply contracts (PPA), which are important for profitability, were also fixed with attractive conditions.
The 3.1 MWp solar park in Schönfeld, which was built on an area along the A13 motorway, has already been put into operation and the final grid connection is scheduled for mid-May. The green electricity generated by the approximately 8,300 solar modules is remunerated via a long-term Power Purchase Agreement (PPA). Especially due to the attractive initial remuneration of the power purchase agreement, the project company, as a green power producer, benefits from the currently high electricity price level.
The much larger plant in Priestewitz with 36,000 solar modules and 13.5 MWp output has also already been commissioned. The stationary battery storage system with 3.6 MWh storage capacity connected to the plant will maximise the economic revenue potential in a dynamic energy market via a modified concept for storage operation. Grid connection is also planned here for mid-May. For this plant, which was also built in partnership with a cooperation partner, a long-term electricity supply contract was concluded with conditions that are significantly higher than originally planned. The 236 investors who provided 2.2 million euros via a bond have now financed two attractive investment properties with a solid earnings base.
This is also extremely good news for Green City AG, which since filing for insolvency at the end of January has now connected renewable power plants with a capacity of around 25 MW to the grid with the wind farm in Merzig and the two solar parks in Saxony. Under the leadership of the preliminary insolvency administrator Axel W. Bierbach from the law firm Müller-Heydenreich Bierbach & Kollegen, Green City AG has thus impressively demonstrated its ability to act.