Ampyr Solar Europe and Daiwa Energy & Infrastructure Co. Ltd. announced on 15 October 2026 that DEI has acquired a 49% interest in the Elsterheide solar PV and battery energy storage project in Saxony, Germany. ASE retains the remaining 51% and will continue to operate and manage the assets.

The companies described the transaction as establishing the foundation for a longer-term partnership, under which ASE develops projects, brings them into operation and manages them over their operating life, while DEI invests as a long-term partner through the operational phase.

From 20 MWp Concept to 177 MW Solar and Storage

The recently commissioned Elsterheide asset comprises a 157 MWp solar PV plant and an 80 MWh battery energy storage system. ASE originated and developed the project in-house from the outset.

Initially planned as a 20 MWp solar project, it was expanded through successive phases to more than 130 hectares across the two adjoining municipalities of Elsterheide and Hoyerswerda.

ASE subsequently added the 80 MWh battery system, securing an import grid connection alongside the existing export capacity so that the battery can charge from the grid as well as from the solar plant, providing balancing services to the local grid.

Elsterheide is the second-largest photovoltaic installation in the German state of Saxony and the largest operational asset in ASE's portfolio to date.

The plant generates enough green electricity to supply the equivalent of approximately 51,400 households while reducing annual CO2 emissions by around 56,700 tons. It is also the first German BESS in ASE's portfolio to be brought into operation.

Contracted Revenue Structure with Tier 1 Counterparties

ASE structured the project's route to market with multiple Tier 1 counterparties, combining a 120 MWp long-term power purchase agreement, a BESS optimization tolling contract, and a Guarantees of Origin sale contract.

A 40 MW portion of the plant is additionally supported under Germany's Renewable Energy Sources Act (EEG). The resulting revenue structure is contracted, diversified, and long-dated, while allowing certain volumes and BESS capacity to participate in the merchant market.

Construction is financed through equity support from ASE with debt financing provided by NORD/LB, described as one of Europe's leading renewable energy lenders, using an innovative framework financing facility between NORD/LB and ASE.

Community Partnerships and Land Restoration

Through development and construction, ASE worked in close partnership with the two host municipalities of Elsterheide and Hoyerswerda, building relationships from first land discussions through to operation.

Construction and ongoing landscaping and grounds-maintenance work have been placed with regional contractors, long-term lease agreements provide sustained income to local landowners across the site, and the municipalities benefit from ongoing revenues as the asset generates income over its operating life. The plant sits in part on a former GDR-era military site.

A distinctive feature of the project is the restoration of approximately 20 hectares of disused brownfield land to productive use as a solar farm, while a further 23 hectares were acquired for ecological compensation and offsetting measures, which ASE is reforesting.

According to the announcement, both municipalities are keen to build on the track record, and ASE is already in dialogue with the communities on how the partnership can continue to grow as the region looks to further renewable development.

ASE will remain an active local presence as the asset moves into long-term operation.

Proof of ASE's Full-Cycle Model

ASE describes Elsterheide as bringing together every stage of its business in a single asset: originated and developed in-house, financed, constructed, and brought into operation by ASE, and to be managed by ASE through its operating life.

The company characterizes this as the full cycle of a true independent power producer and the model on which it intends to build further partnerships of this kind.

"We are delighted to partner with Daiwa Energy and Infrastructure," said Tarun Agrawal, CEO of Ampyr Solar Europe.

"Elsterheide is the clearest expression yet of what ASE was built to do. We originated and developed this project, grew it from 20 MW to 157 MWp and added battery storage, structured the offtake with Tier 1 partners, financed it with NORD/LB, delivered construction on time and on budget, and we will manage it for the long term. This minority stake sale is part of ASE's strategy to create scalable and capital-efficient, long-term partnerships with investors and represents a significant milestone in ASE's journey, supporting the expansion of photovoltaic power across Germany. We look forward to expanding the long-term partnership with DEI to other assets in Germany."

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