Orrön Energy AB has announced an agreement to sell three solar energy development projects in Germany to Gülermak Renewables Deutschland Holding GmbH, a wholly owned subsidiary of Gülermak Renewables Ltd. The combined estimated installed capacity of the projects is 234 MW, with a total consideration of up to 14 million euros. At closing, the first project is expected to generate an immediate payment of 0.7 million euros, while the remaining payments will depend on the achievement of development milestones up to the ready-to-build stage.
The projects are located in eastern Germany and are being developed as Agri-PV facilities, allowing agricultural activities to coexist with solar power generation. Each project also includes co-located battery options to enhance energy storage capabilities. Currently, the projects are in the pre-ready-to-permit stage, and the total consideration includes reimbursement of development costs and milestone-based payments. Forty percent of these contingent payments are due when the projects reach the ready-to-permit stage, with the remaining sixty percent payable upon reaching the ready-to-build stage.
The projects are expected to reach the ready-to-permit stage in 2026 and the ready-to-build stage in 2027, provided that favorable permit approvals and grid reservations are obtained. Orrön Energy will continue developing the projects until the ready-to-build stage. Closing for the first project is anticipated at the beginning of 2026.
Daniel Fitzgerald, CEO of Orrön Energy, said that this marks the company’s second successful sale in Germany and reflects the quality of its greenfield development platform. He added that the growing and maturing project pipeline is expected to continue generating additional revenue streams as the company executes its greenfield monetization strategy. Fitzgerald also highlighted Gülermak as a strong partner with deep technical and engineering expertise, expressing enthusiasm for potential future collaborations.
Türkekul Doğan, CEO of Gülermak Renewables Ltd, described the agreement as an important milestone for the company. He noted that, following acquisitions of several ready-to-build projects, the next step was to invest in development-stage projects. Doğan expressed appreciation to Orrön Energy for its trust and emphasized the strength of the partnership in advancing renewable energy development in Germany.
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