Blue Elephant Energy

What Blue Elephant Energy does

Blue Elephant Energy GmbH is a Hamburg-headquartered renewable energy developer, acquirer, and operator founded in 2016 by CEO Felix Goedhart, a former CEO of Capital Stage AG (now ENCAVIS AG). The company develops, acquires, and operates utility-scale solar parks, onshore wind farms, and battery energy storage systems (BESS) across nine countries — Germany, the Netherlands, France, Spain, Italy, Greece, Hungary, the Dominican Republic, and Chile — with a focus on Western and Central Europe. Its 2,107 MW portfolio is split 74% photovoltaic, 25% wind, and 1% battery storage, and includes the largest solar park operator position in the Netherlands at more than 660 MWp. An additional 9,580 MW of solar and storage capacity has been secured through cooperation agreements with project developers and landowners.

The business operates three interlocking revenue streams: renewable energy generation sold to wholesale grids and corporate offtakers under long-term Power Purchase Agreements (PPAs); project acquisitions from developers at a minimum 10 MW scale; and project development services, including the first self-developed greenfield solar park (Ensthof, 7.62 MW, commissioned July 2024) and the first standalone BESS project (Merseburg, 12 MW / 16.8 MWh, December 2024). The go-to-market is B2B enterprise sales to four segments — corporate energy buyers, project developers, landowners, and institutional financing partners — anchored by a multi-year PPA with Deutsche Bahn covering 319 MW of solar capacity and 70% of its traction power from renewables.

The company is majority-owned (~70%) by Antin Infrastructure Partners since August 2022 and received a €200 million (US$214 million) growth investment from Infranity in June 2025 to fund a 1 GW renewable energy pipeline across Europe. Management is unusually deep for a company at this stage: the CIO also came from Capital Stage, the new COO Malte Hippe joined from Orsted (formerly MD Germany / VP Operations Central Europe) and BCG, and the CFO was promoted internally from Head of Corporate & Project Finance.

Name

Blue Elephant Energy

Legal name

Blue Elephant Energy GmbH

Website

https://blueelephantenergy.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Blue Elephant Energy is a Hamburg-based utility-scale renewable energy developer and operator with a 2,107 MW solar, wind, and battery storage portfolio across nine countries, serving corporate energy buyers such as Deutsche Bahn through long-term power purchase agreements.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ)

Keywords

• Renewable energy generation
• Solar park development
• Wind farm operations
• Battery storage systems
• Power purchase agreements

Headquarters

HQ city

Hamburg

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Renewable Energy Generation: Operating solar parks and wind farms that generate electricity sold through PPAs or to the grid. Plants produce stable and highly predictable earnings. Generation capacity consists of 74% PV, 25% wind, and 1% battery storage.
2. Power Purchase Agreements (PPAs): Long-term electricity supply contracts with corporate customers like Deutsche Bahn. Provides cost-efficiency through fixed or flexible pricing, environmental friendliness with guarantees of origin, risk minimization against energy price fluctuations.
3. Project Development Services: Develops greenfield solar projects from site surveys to full approval and commissioning. Offers market-related project development fees to external partners. First self-developed solar park commissioned in July 2024.
4. Project Acquisitions: Acquires operational or ready-to-build solar and wind projects from developers. Purchase of 381MW onshore wind portfolio from WIND-projekt. Expansion through M&A to increase portfolio capacity.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Blue Elephant Energy develops, acquires, and operates utility-scale solar parks, onshore wind farms, and battery storage systems across nine countries (Germany, Netherlands, France, Spain, Italy, Greece, Hungary, Dominican Republic, Chile) with a 2,107 MW portfolio (74% PV, 25% wind, 1% storage). The company sells the generated electricity through long-term Power Purchase Agreements (PPAs) directly to corporate offtakers such as Deutsche Bahn, and partners with project developers, landowners, and financing institutions to build, acquire, and operate renewable energy assets.

Product overview

Blue Elephant Energy is a renewable energy developer and operator that offers a portfolio of energy generation assets and procurement services. The core offerings consist of Solar Parks (ground-mounted PV installations comprising 74% of generation capacity), Wind Farms/Onshore Wind (25% of capacity), and Battery Energy Storage Systems (1% of capacity, expanded since 2022). These assets are complemented by Power Purchase Agreements (PPAs) that enable corporate customers to procure clean energy directly. The company also develops Hybrid Parks that combine solar, wind, and storage technologies. The portfolio spans nine countries with a focus on Western and Central European markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Parks Utility-scale ground-mounted photovoltaic installations that generate clean electricity, representing 74% of the company's 2,107 MW portfolio capacity across nine countries. Blue Elephant Energy develops, acquires, and operates these assets for corporate offtakers under long-term PPAs and for sale into the grid.
• Onshore Wind Farms Onshore wind energy installations generating clean electricity, representing 25% of the company's portfolio capacity. Operated in Germany and other European markets, supplying corporate PPAs and the grid.
• Battery Energy Storage Systems (BESS) Large-scale battery storage solutions for storing renewable energy, complementing solar and wind generation and supporting grid stability. Represented 1% of portfolio capacity at the time of reporting, with significant expansion underway via Solar215.
• Power Purchase Agreements (PPAs) Long-term electricity supply contracts between Blue Elephant Energy and corporate offtakers, providing tailored fixed or flexible pricing, guarantees of origin, and protection against energy price volatility. Anchor agreement is a 319 MW PPA with Deutsche Bahn covering approximately 70% of its traction power.

Quantifiable outcome

• 3,758,363 tonnes CO2 saved by end of 2024
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered major and core.

• WIND-projektmajorStrategic or Co-development Partner · 1 January 2026Rostock-based WIND-projekt selling 381MW onshore wind portfolio in Mecklenburg-Western Pomerania to Blue Elephant Energy. Portfolio includes 37 operational wind farms, four developments under construction, and three additional sites. Completion subject to regulatory approval expected early 2026.
• Deutsche BahncoreGTM or Marketing Partner · 1 December 2025Long-term PPAs signed with Deutsche Bahn for two solar PV projects totaling 319MW. Projects include 266MW solar park in Bavaria and 53MW project in Baden-Württemberg, with co-located battery energy storage system planned. Deutsche Bahn covers 70% of traction power from renewables.
• Solar215majorStrategic or Co-development Partner · 1 April 2025Hamburg-based project developer for large-scale battery storage systems. Blue Elephant Energy acquired a majority stake in April 2025 to accelerate battery storage strategy and expand into BESS development.
• DB EnergiecoreGTM or Marketing PartnerSecured long-term power purchase agreement to supply clean electricity to Deutsche Bahn's traction network from Schafhöfen solar park. Deutsche Bahn will use energy to power approximately 14 million train kilometers annually, covering around 70% of its traction power from renewable sources.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Encavis AG: Hamburg-based independent power producer operating utility-scale solar parks and onshore wind farms across Europe. Most direct comparable: CEO Felix Goedhart previously built this company (then Capital Stage AG) into one of Europe's largest renewable energy producers.
• ABO Energy: German-based renewable energy project developer and operator with focus on wind, solar, and storage across Europe. Directly comparable as a mid-sized European renewable IPP with project development, acquisition, and operational capabilities.
• PNE AG: German wind and solar project developer operating across Europe with own portfolio plus project sales. Comparable business model combining greenfield development, project acquisition, and operation of utility-scale renewables.
• Sonnedix: Pan-European solar independent power producer backed by JP Morgan Global Infrastructure. Directly comparable as a pure-play European solar IPP focused on acquiring, owning, and operating utility-scale PV plants with corporate PPAs.
• Akuo Energy: France-based independent renewable energy producer developing, financing, and operating wind, solar, and storage projects across Europe and internationally. Comparable mid-sized European renewable IPP with diversified technology portfolio.

Broad incumbents

• EnBW Energie Baden-Württemberg: Large German integrated utility with a major renewable energy build-out program across solar, wind, and storage. Operates in overlapping geographies and competes for PPA customers and project pipeline but with much broader portfolio.
• RWE AG: Major European utility with one of the continent's largest renewable energy divisions (onshore/offshore wind, solar). Competes for the same corporate PPA customers and project assets but operates at far greater scale across multiple energy segments.
• EDP Renováveis: One of the world's largest renewable energy developers with significant European wind and solar operations. Overlaps in geographies and target customers but operates as a publicly listed global utility-scale developer.
• Statkraft: Europe's largest generator of renewable energy (state-owned Norwegian), with growing solar and wind portfolio across the continent. Competes in European renewable generation and PPA markets as a large incumbent.
• Vattenfall: Swedish state-owned utility with significant onshore wind, solar, and district heating operations across Northern Europe. Operates in overlapping renewable markets and competes for corporate offtake agreements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInde.linkedin.com/company/blue-elephant-energy
• Instagraminstagram.com/blueelephantenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blue Elephant Energy