Green FOX Energy GmbH and ON Energy GmbH have sold an 85 MW solar PV portfolio in Germany to a German family office, marking another quiet rotation of operational and near-operational renewables into private capital hands.

The portfolio was originally developed by ON Energy and later acquired and executed by Green FOX Energy, following its 50% stake acquisition in 2023, which secured access to over 1.5 GWp of projects. This transaction monetizes a small but advanced slice of that pipeline.

The key insight is structural: family offices are selectively acquiring de-risked solar-plus-storage assets with regulated revenues, rather than taking development or merchant exposure. These assets combine photovoltaic generation with battery storage systems and benefit from EEG tariff support, reducing price and volume risk.

Geographically, the assets span Lower Saxony, North Rhine-Westphalia, and Saarland, with part of the portfolio already operational and full completion targeted for Q3 2026. This staged delivery profile further limits execution risk for the buyer.

Commercially, the deal reflects growing preference for hybrid assets that preserve EEG-backed stability while adding optionality through storage. As negative pricing and curtailment risks rise, storage is no longer upside—it is protection.

This transaction signals that in Germany, patient capital is pricing certainty over scale, and will continue absorbing advanced, subsidy-backed portfolios as developers recycle capital upstream.

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