Orrön Energy AB has reached an agreement to sell three solar development projects in Germany to Gülermak Renewables Deutschland Holding GmbH for a total consideration of up to €14mn ($15.32mn). The portfolio, located in eastern Germany, represents an estimated installed capacity of 234 MW. An initial payment of €0.7mn ($0.77mn) will be made at the closing of the first project, expected at the beginning of 2026.
A transaction structured around development milestones
The transaction is structured through staged payments. The remaining consideration will be paid subject to the achievement of defined technical and administrative milestones, including the ready-to-permit and ready-to-build phases. Forty percent of the contingent payments are due upon reaching the permitting stage, while the remaining 60% will be paid once the projects are deemed ready for construction.
The projects are designed as Agri-PV developments, combining agricultural use with solar power generation. They also include optional battery energy storage components. At this stage, the sites remain in an early phase of development, with no final permits yet secured.
Development timetable and operational responsibilities
Orrön Energy will remain responsible for the development of the three projects until they reach technical maturity, including permitting procedures and grid connection arrangements. The company expects the projects to reach the ready-to-permit stage in 2026 and the ready-to-build stage in 2027.
Daniel Fitzgerald, Chief Executive Officer of Orrön Energy, stated that the transaction reflects the company’s ability to monetise its early-stage development platform. He referred to the potential for additional revenue streams from other projects currently under development within its portfolio.
Expansion of Gülermak’s European activities
For Gülermak Renewables Ltd, the parent company of the German entity, the acquisition aligns with a strategy aimed at expanding into development-stage assets following several acquisitions of ready-to-build projects. Chief Executive Officer Türkekul Doğan highlighted the importance of this strategic partnership with a company already established in the German market.
