FRANKFURT, July 7 (Reuters) – Blue Elephant Energy has secured a € 75 million ($ 89 million) stake from German billionaire family Struengmann and has abandoned its initial public offering (IPO), a the renewable energy company announced Wednesday.
Athos, the vehicle of the Struengmann family which also owns a majority stake in COVID-19 vaccine maker BioNTech (22UAy.DE), will receive a 15% stake in return for its investment.
Athos will also have the option of injecting up to an additional € 75 million into Blue Elephant.
“Even after Athos’ investment, an IPO at a later date remains an option,” said Felix Goedhart, CEO of Blue Elephant.
The agreement values Blue Elephant at 1.45 billion euros, including debt.
Blue Elephant, which competes with companies like Energiekontor (EKTG.DE) and PNE AG (PNEGn.DE), operates onshore solar and wind farms in Europe with a total capacity of around 1.1 gigawatt.
It also has a pipeline of equal size for solar capacity, in cooperation with project developers.
Valuations of renewable assets have skyrocketed, driven by growing demand from various sectors, including oil, as well as a global shift towards clean technologies and away from fossil fuels.
($ 1 = € 0.8460)
Reporting by Arno Schuetze Editing by Mark Potter
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