Davidson Kempner and NIC acquire Greencells’ solar and storage platform

Davidson Kempner Capital Management and Nature Infrastructure Capital (NIC) have jointly acquired Greencells Group’s Netherlands-based solar and storage project development platform. 

The platform specializes in utility-scale solar and battery projects across Europe and Canada, with a development pipeline of 4 GW.

Financial details of the acquisition have not been disclosed. The platform has grown significantly since 2019, now boasting nearly 800 MW of ready-to-build projects. 

Under the new ownership, the platform aims to accelerate its expansion in existing and new markets, supported by additional resources from Davidson Kempner and NIC.

Andreas Hoffmann, the current CEO of Greencells Group, will continue to lead the platform as it transitions to a standalone venture. The joint venture plans to leverage its expertise to scale operations and expedite project development toward operational stages.

Greencells has a history of notable developments, including acquiring five Italian solar PV projects totaling 233 MW in February 2022.