Enlight Renewable Energy Limited has entered into an agreement to acquire a majority stake in Project Jupiter, a large-scale co-located solar and energy storage project in Germany, in partnership with Prime Capital AG, acting through its Prime Green Energy Infrastructure Fund II (PGEIF II). The project is located in Brandenburg and is planned to include up to 150 MWp of solar capacity and 2,000 MWh of energy storage, supported by a secured grid connection of up to 500 MW.
Enlight is reportedly expected to hold between 51 and 60 per cent of the stake in the project, with the remaining stake retained by PGEIF II. The project is expected to reach ‘’ready to build” status by the end of 2026. The total investment for the project is estimated at around €470 million to €500 million. The project is expected to generate average revenues of approximately €85 million to €90 million annually during its first five years of operation, with earnings before interest, taxes, depreciation, and amortisation estimated at €70 million to €80 million over the same period.
The investment strengthens the existing partnership between Enlight Renewable Energy Ltd. and Prime Capital AG, which previously included a joint investment in the 372 MW Björnberget wind project in Sweden through PGEIF I. Furthermore, Enlight has committed €50 million to PGEIF II. This arrangement grants Enlight substantial co-investment rights across other projects within the fund’s portfolio, primarily in Western and Northern Europe, including provisions to acquire majority stakes in similar projects.
