Blue Elephant Energy AG plans initial public offering

Solar park Midden Groningen by Blue Elephant Energy AG

German solar and wind farm operator Blue Elephant Energy AG (BEE) is looking to join the regulated market (Prime Standard) of the Frankfurt Stock Exchange. »Subject to the market environment,« the company said, this is planned for the third quarter of 2021. To implement its growth strategy, Blue Elephant Energy intends to issue new shares from a capital increase and is targeting gross proceeds of around €150 million ($179 million).
Since its founding in June 2016, Blue Elephant Energy has built a portfolio of 61 solar farms and 13 wind farms with a total contracted capacity of 1,107 MW. The project pipeline stood at another 1,671 MW.
In 2020, revenue was €82 million and operating EBITDA was €61 million. The compound annual growth rate (CAGR) was reportedly around 45 percent from 2018 to 2020. For 2021, Blue Elephant forecasts revenues of approximately €100 million and operating EBITDA of €74 million.
The current main shareholder is Blue Elephant Venture GmbH (26.64 percent), which is controlled by Blue Elephant Energy's Supervisory Board Chairman Peter-Alexander Wacker, Jahr Assetmanagement GmbH (Jahr family, 26.64 percent) and RTG Beteiligungs GmbH (19.70 percent), a company controlled by Blue Elephant Energy's founder and CEO Felix Goedhart.

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