Daiwa Energy & Infrastructure Acquires 49% Stake in Ampyr’s 157 MWp Solar and 80 MWh Battery Storage Project in Saxony, Germany

The transaction announced on 15 October 2026 between Ampyr Solar Europe and Daiwa Energy & Infrastructure Co. Ltd. is not a simple exit.

Under the terms set out by the two companies, DEI has acquired a 49% interest in the Elsterheide solar PV and battery energy storage project in Saxony, Germany, while ASE keeps the remaining 51% and continues to operate and manage the assets day to day.

A Strategic Long-Term Partnership for Sustainable Energy Development

Both parties framed the deal as the start of a longer-term arrangement rather than a one-off disposal: ASE develops projects, brings them into operation,, and manages them throughout their operating life, and DEI invests as a long-term partner through the operational phase.

Tarun Agrawal, CEO of Ampyr Solar Europe, described the minority stake sale as part of ASE's strategy to build scalable and capital-efficient long-term partnerships with investors. He said the deal supports the expansion of photovoltaic power across Germany and that ASE looks forward to extending the partnership with DEI to other assets in the country.

How a 20 MWp Idea Became Saxony's Second-Largest PV Plant

The asset at the centre of the deal was commissioned recently and comprises a 157 MWp solar PV plant paired with an 80 MWh battery energy storage system. ASE originated and developed the project entirely in-house. Its origins were modest: the site was first planned as a 20 MWp solar project.

Through successive phases of expansion it grew to cover more than 130 hectares across two adjoining municipalities, Elsterheide and Hoyerswerda. ASE then added the 80 MWh battery system, securing an import grid connection alongside the existing export capacity.

That connection allows the battery to charge from the grid as well as from the solar plant and to provide balancing services to the local grid. The completed plant now ranks as the second-largest photovoltaic installation in the German state of Saxony and the largest operational asset in ASE's portfolio to date.

It also holds a first for the company: it is the first German battery energy storage system in ASE's portfolio to be brought into operation. In output terms, the plant generates enough green electricity to supply the equivalent of approximately 51,400 households, while cutting annual CO2 emissions by around 56,700 tons.

Offtake Arrangements and Financing Behind the Project

ASE structured the route to market for Elsterheide with multiple Tier 1 counterparties. The package combines 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 additionally receives support under Germany's Renewable Energy Sources Act, known as the EEG. The company says the resulting revenue structure is contracted, diversified, and long-dated, while still allowing certain volumes and BESS capacity to participate in the merchant market.

On the financing side, construction was funded through equity support from ASE, with debt provided by NORD/LB, which the announcement describes as one of Europe's leading renewable energy lenders. The debt was arranged using what the companies call an innovative framework financing facility between NORD/LB and ASE.

Agrawal summed up the delivery record in his statement: ASE originated and developed the project, grew it from 20 MW to 157 MWp, added battery storage, structured the offtake with Tier 1 partners, financed it with NORD/LB, delivered construction on time and on budget, and will manage it for the long term.

He called Elsterheide the clearest expression yet of what ASE was built to do.

Local Relationships Rooted in the Site's History

Part of the plant sits on a former GDR-era military site, and the land story is one of the project's distinguishing features.

Approximately 20 hectares of disused brownfield land have been restored to productive use as a solar farm. A further 23 hectares were acquired for ecological compensation and offsetting measures, which ASE is reforesting.

Beyond the land itself, ASE worked closely with the two host municipalities of Elsterheide and Hoyerswerda throughout development and construction, building the relationships from the first land discussions through to operation. Construction work and ongoing landscaping and grounds maintenance 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.

According to the announcement, both municipalities are keen to build on this track record. ASE is already in dialogue with the communities on how the partnership can continue to grow as the region pursues further renewable development, and the company says it will remain an active local presence as the asset moves into long-term operation.

One Asset, Every Stage of the Business

ASE presents Elsterheide as the single asset that brings together every stage of its business model.

The project originated and was developed in-house, then financed, constructed, and brought into operation by ASE, and it will 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 the kind now struck with Daiwa.

The pairing of the two companies reflects complementary roles. DEI, as the new 49% investor, participates as a long-term partner through the operational phase, while ASE retains majority ownership and operational control.

For DEI, the acquisition provides exposure to a recently commissioned, revenue-contracted asset with an 80 MWh battery component and an established local footprint in Saxony.

For ASE, the sale provides capital efficiency while preserving management of its largest operational asset to date. With the Elsterheide plant now running, the company has both its largest operating asset and its first operational German battery storage system on the ground, and it has signalled that further joint transactions with Daiwa Energy & Infrastructure on German assets are its intended next step.