Aracari and Vestinas Solar Establish Joint Venture to Develop Solar Power Plants in Germany
Aracari, a project developer of photovoltaic plants, and Vestinas, an investment company of the Doric Group and its shareholders, hereby announce their strategic partnership via their joint venture company, Aracari Solar GmbH. Aracari Solar will focus on developing and marketing ready to build photovoltaic plants in Germany. It is expected to bring solar parks with a total output of up to 500 megawatts to the ready to build stage over the next few years. The Frankfurt-based consulting firm Capcora acted as M&A advisor to Aracari in this transaction.
The long-term partnership is designed to develop innovative solar parks throughout Germany. In close cooperation with landowners, municipalities, public utilities and grid operators, new solutions are to be found to both advance the transition to renewable energy and contribute to energy independence. 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, commented, “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. Along with comprehensive experience, the joint venture has access to an extensive network in the photovoltaic, real estate and financing sectors.
“Together with Vestinas Solar, we intend to develop high-quality solar parks and combine them with new concepts such as energy storage and agrivoltaics,” emphasises Hannes Langenhan, co-founder and co-Managing Director of Aracari. “We are looking forward to working with the experienced team at Vestinas Solar and are confident that together we can establish Aracari Solar as a strong development platform in a dynamic market.”
Andreas Bodensohn, Director at Capcora, added: “The investment spectrum for renewable energy investments has increasingly changed in recent years. We are seeing a strong trend towards earlier stage investments which provides an opportunity for higher returns, but also requires more active asset management. The joint venture model is a good solution to this and creates the framework to realise high-yield solar parks in a challenging market environment supported by cost synergies.“
About Aracari GmbH:
Aracari is a provider of holistic system solutions for ground-mounted photovoltaic plants based in Thuringia/ Germany. The team has a combined experience of more than 30 years in all areas of the value chain of a solar power plant – from development, financing and construction to operation and repowering. Aracari’s goal is to develop profitable and technically innovative solar parks and thus contribute to a sustainable, independent and cost-effective energy supply.
About Vestinas Solar GmbH:
Vestinas Solar is a subsidiary of Vestinas GmbH (www.vestinas.com) and invests in solar projects in the early stages up to construction maturity. Vestinas is an investment company of the Doric Group and the Group’s shareholder. The Doric Group offers bespoke investments with a focus on renewable energy, real estate and transport. In 2021, the investment volume under management was USD 9 billion.
About Capcora GmbH:
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium-sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources. In addition, Capcora acts as transaction manager for M&A processes (buy and sell side advisory).