The platform works on renewable energy projects across Europe and Canada. Credit: Es sarawuth / Shutterstock.

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

Greencells Group is a project developer and provider of EPC (engineering, procurement and construction) and O&M (operations and maintenance) services for solar power plants.

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Financial details of the deal have not been divulged.

The platform, which works on renewable energy projects across Europe and Canada, is developing 4GW of utility-scale solar and battery projects.

The development platform has seen significant growth since 2019, expanding its reach in various jurisdictions.

It now has almost 800MW of projects at a ready-to-build stage, setting a strong foundation for future expansion under the new joint ownership.

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Andreas Hoffmann, current CEO of Greencells, will continue to lead the platform as it transitions to operate as a standalone venture.

The joint venture aims to scale the platform further and speed up the expansion of its project portfolio in existing and new markets.

Davidson Kempner and NIC plan to deploy substantial additional resources to advance the platform’s projects into operation.

Greencells founder and CEO Andreas Hoffmann stated: “This sale marks a significant milestone in Greencells’ growth journey.

“After several years of growing our development platform under the leadership of the Zahid Group, we are proud to see the size and quality of the portfolio created by our teams grow across Europe. Davidson Kempner and NIC are seasoned and sophisticated investors with an impressive track record in renewables.

“I am looking forward to overseeing the further advancement of the new venture and to continue advancing our mission.”

In February 2022, Greencells acquired five Italian solar PV projects totaling 233 megawatts peak.