CEE Group, the Hamburg based asset manager, has expanded its portfolio with the acquisition of Emmen PV solar park in The Netherlands. This acquisition is CEE’s first direct investment in the Dutch market and increases the total rated output of its renewable portfolio to 680 megawatts (MW).
Emmen PV solar park is located on the Dutch-German border, approximately 180 kilometres northeast of Amsterdam, and consists of high-performance, tier-one technology. The solar park has a total generation capacity of 30.7 MWp and will produce an expected 29 million kilowatt hours (KWh) of renewable electricity annually.
CEE Operations GmbH will be responsible for the commercial management while BayWa Operation Services GmbH will oversee technical operations of the solar park, which has been fully connected to the power grid since the end of 2018.
“We are pleased to have completed the acquisition of Emmen PV, our first investment in the attractive Dutch market. This acquisition demonstrates the implementation of our growth strategy of expanding into new continental European markets.” said Detlef Schreiber, CEO of CEE Group.
Jens Schnoor, Investment Director of CEE, commented: “The strong relationship and long-standing cooperation with BayWa r.e. enabled us to realize this project successfully and we look forward to are working together on additional projects in Europe in the future.”
Dr. Benedikt Ortmann, who is responsible for the solar project business at BayWa r.e., added: “We are delighted to continue our long-standing successful partnership with CEE by selling this important project. With a view to our well-filled Dutch solar project pipeline, we are confident that we will continue to implement further projects together in the future”.
The renewable power production of the solar park means that CO2 emissions can be reduced by more than 17,000 tons annually. In total, CEE’s renewable assets will generate approximately 1 million megawatt hours (MWh) in 2019 providing some 275,000 four-person households with power from renewable sources.
CEE Group, which is headquartered in Hamburg, is a private equity group that specialises in investing in physical assets and manages assets of about EUR 1.4 billion. CEE invests in energy generation projects in the wind and solar sectors. CEE Group’s investors are institutional investors with a long-term interest in the market for investments in renewables and physical assets. CEE Group was acquired by Brookfield Asset Management in 2017.
Across solar and wind, at BayWa r.e we r.e.think energy – how it is produced, stored and used the best. We are a leading global developer, service supplier, wholesaler and provider in energy solutions.We deliver renewable energy solutions worldwide; have brought 2.5 GW of energy online—while managing 5.5 GW of assets in operation. BayWa r.e is a leading supplier to the solar wholesale market. We also have a rapidly growing energy trading business. As an integral part of the €16 billion BayWa Group, we work hard every day to find new solutions, push technological boundaries and actively shape the future of energy.
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