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Greencells GmbH is part of the Greencells Group, one of the major European providers of utility-scale solar power plants. With a proven track record of more than 2.9 GWp deployed in over 25 countries, Greencells Group is one of the most experienced players in the industry and a trusted partner both in Project Development (Greencells Group Holdings) and for EPC and O&M services (Greencells GmbH). Thanks to the Group’s integrated business model, Greencells GmbH benefits from a high level of value creation and planning security, as all of the sister company’s development projects are generally transferred to it in the form of fixed EPC and O&M contracts. The development pipeline of Greencells Group Holdings therefore also fills the EPC and O&M pipeline of Greencells GmbH – in addition to orders from third parties – which in turn leads to predictable EPC and O&M sales and significantly strengthens profitability and margins.

Key data of the Green Bond 2020/2025


Issuer Greencells GmbH
Financial Instrument Green Bond (classified by imug/SPO)
Initial volume Up to EUR 25 million
Tap volume Up to EUR 25 million
Total volume placed EUR 42 million
Coupon 6.5% p.a.
Issue price 100%
Denomination EUR 1,000
Value date 9 December 2020
Term 5 years: 9 December 2020 to 8 December 2025 (inclusive)
Interest payment Semi-annually in arrears on 9 June and 9 December of each year (first time in 2021)
Redemption date 9 December 2025
Redemption price 100%
Status Unsubordinated, secured
  • Pledge of shares in solar project companies with an aggregate market value corresponding to at least 132.50% of the outstanding aggregate principal amount of the Notes
  • Assignment of EPC proceeds with a contract value of at least EUR 10 million

Besides, credit line of the sister company in favor of the issuer for up to at least 132.50% of the outstanding aggregate principal amount of the Notes until 31 December 2025.

Special termination rights of the Issuer
  • From 9 December 2023 at 102% of the nominal amount
  • From 9 December 2024 at 101% of the nominal amount
Termination rights of bondholders and covenants
  • Change of control
  • Cross default
  • Distribution limitation
  • Transparency obligation
  • Security-related covenants
Trustee Schultze & Braun Vermögensverwaltungs- und Treuhandgesellschaft mbH
Applicable law German law
  • Securities prospectus approved by the Commission de Surveillance du Secteur (“CSSF”) in Luxembourg with notification to the Federal Financial Supervisory Authority (“BaFin”) in Germany and the Austrian Financial Market Authority (“FMA”)
  • The approval of the prospectus shall not be construed as an endorsement of the securities offered.
Stock exchange segment Quotation Board, Open Market Segment of the Frankfurt Stock Exchange
Financial advisor DICAMA AG
Bookrunner ICF BANK AG





9 June 2024: Interest payment for the Green Bond 2020/2025
June 2024: Consolidated financial statements 2023
October 2024: Consolidated half-year report 2024
9 December 2024: Interest payment for the Green Bond 2020/2025


Greencells GmbH
Alexandra Roger-Machart
+49 (0)681 992 669 10



Better Orange IR & HV AG
Frank Ostermair, Linh Chung
+49 (0) 89 889 690 625