PRESS RELEASE : Blue Elephant Energy AG prepares -2-

the Paris Agreement in 2015, the revision of the renewable energy directive in 2018 and the EU Green Deal in 2019. 
Renewable PPAs enable corporate buyers to manage their electricity costs and increase cost visibility, while 
simultaneously making progress on carbon reduction and environmental goals.^[1] 
On the supply side, costs of electricity from renewable energy sources have fallen sharply over the past decade, driven 
by, among others, improving technologies, economies of scale and increasingly competitive supply chains. As a result, 
renewable power generation technologies have become the least-cost option for new capacity in almost all parts of the 
world.^[2] 
CEO Goedhart summarizes: "The public, businesses, and regulators are now all working to transition away from fossil 
fuels. This drives both increased use of electricity overall - think electric cars or public transport - and the share 
of renewables in the energy mix. Blue Elephant Energy is well positioned to seize this opportunity with its capable 
team and clear strategy and provide clean, renewable energy for the future. This is accomplished with established 
technology at a low level of risk." 
A strong financial track record and positive outlook 
Blue Elephant Energy generated revenue from the sale of electricity produced by its renewable energy assets of EUR 82 
million in 2020, compared with EUR 65 million in 2019 and EUR 39 million in 2018. This represents a growth rate (CAGR) 
of 45% 2018 - 2020. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at EUR 61 
million in 2020 (2019: EUR 67 million, 2018: EUR 26 million) and Adjusted Earnings Before Interest and Taxes (EBIT) at 
EUR 35 million for 2020 (2019: EUR 47 million, 2018: EUR 12 million). Note that the figures for 2019 are impacted by 
the sale of assets located in the United Kingdom, which generated a profit of EUR 22 million. 
Based on the existing portfolio of 1,107 MW contracted capacity as at 31 March 2021, the Company expects for the year 
ending 31 December 2021 that Adjusted EBITDA will amount to approximately EUR 74 million and Adjusted EBIT will amount 
to approximately EUR 41 million. This is based on revenue forecast at approximately EUR 100 million for the financial 
year 2021 from the contracted portfolio, which includes assets that are under construction. 
IPO proceeds to fund growth for the acquisition of new solar parks and wind farms 
Blue Elephant Energy intends to issue new shares from a capital increase and is targeting gross proceeds of 
approximately EUR 150 million. The net proceeds will be used to finance the acquisition of new solar parks and wind 
farms in accordance with the Company's investment strategy and investment criteria. 
None of the existing shareholders (including management) intends to sell shares in the offering - except for granting 
over-allotment shares comprising 15% of the new shares sold in the IPO (greenshoe option). All existing shareholders 
and the Company agreed to a lock-up period of 6 months. In the planned IPO, Berenberg acts as the Sole Global 
Coordinator and Joint Bookrunner, COMMERZBANK acts as Joint Bookrunner. 
According to the current plan, the offering is expected to comprise a public offering in Germany and international 
private placements. 
Annex: Business Model Highlights 
Attractive fundamentals of global energy market fuel transition to renewable energy: As one of the fastest growing IPPs 
in the fragmented European market, Blue Elephant Energy is in a unique position to capitalize on the attractive 
fundamental growth trends in the global energy market fuelled by the transition to renewable energy, including 
political pressure to implement climate protection and anti-global warming measures, national targets to reduce 
dependency on fossil fuel and decrease of CO[2] emissions and significantly improved relative cost competitiveness of 
solar and wind energy. The Company believes that these attractive underlying fundamental trends will continue to 
support its growth for the foreseeable future. 
Distinct, de-risked and highly scaleable business model: Due to the long average lifespan of Blue Elephant Energy's 
renewable energy assets, it has a very high visibility of its future revenue streams. It benefits from guaranteed 
feed-in tariffs or long-term power purchase agreements and from a largely fixed cost base. More than 90% of its future 
revenues from its existing portfolio over the next 15 years are fixed through FiTs or long-term PPAs. Due to the 
increased competitiveness of renewable energies, Blue Elephant Energy expects to generate more of its future revenues 
through such subsidy-free PPAs. 
Highly experienced and entrepreneurial leadership team backed by a renowned shareholder base: Blue Elephant Energy 
benefits from a combined 70 years of experience of the management team and additional core employees. This team has a 
proven track record. The Company's extensive in-house engineering expertise is vital for successfully selecting 
attractive acquisition targets, supervising the construction phase of ready-to-build projects and the operation of its 
solar parks and wind farms. In addition, its extensive network in the industry allows it to identify attractive 
acquisition opportunities at an early stage. 
The main shareholders, Blue Elephant Venture GmbH (a company controlled by the Chairman of Blue Elephant Energy's 
Supervisory Board, Dr. Peter-Alexander Wacker), Jahr Assetmanagement GmbH (Jahr Family) and RTG Beteiligungs GmbH (a 
company controlled by Blue Elephant Energy's CEO Felix Goedhart), enjoy great respect within the renewable energy 
sector and the financial markets. Their investment perspective is long-term. All key members of the management team 
have invested substantial amounts in shares in the Company. 
Well-positioned to capture a huge market opportunity driven by substantiated pipeline and visible growth strategy: Blue 
Elephant Energy has generated a substantial project pipeline of 1,671 MW (as at 31 March 2021). A significant part of 
this project pipeline results from cooperation agreements with five project development companies, which give the 
Company early and exclusive access to the respective projects. Its longstanding relationships with project developers 
generally result in a high rate of repeat transactions. In addition, the extensive industry network of the Management 
Board and the Company's strong reputation in the industry as a reliable business partner that delivers on its promises 
help it to acquire attractive renewable energy projects. 
Blue Elephant Energy predominantly sources its investments from its own broad network, which has been built up by the 
management team over the last couple of years and explains how the expansion of the portfolio was possible in such a 
short period of time. As part of its strategy the Company permanently strengthens its relationships with project 
developers in order to secure attractive investment opportunities as early as possible being exposed only to limited 
development risks. 
About Blue Elephant Energy AG 
Blue Elephant Energy AG (BEE) acquires and operates solar parks and wind farms in eight countries with a focus on 
Western-Europe. Founded in 2016, BEE is currently operating a renewable energy portfolio of 1,107 MW, from which a part 
is under construction. By the end of 2020, BEE's renewable energy plants have contributed to a sustainable energy 
supply by saving 956,419 tons of CO2 and providing clean energy to 711,028 households. As part of its ESG strategy BEE 
directly contributes to social projects on a local level, particularly in Chile and in the Dominican Republic. BEE has 
secured additional 1,391 MW solar park capacity in the context of co-development agreements with a number of 
developers, based on longstanding relationships and mutual appreciation. With equity provided by BEE's shareholders, 
participation rights capital provided by medium-sized insurance companies and project financing, BEE has been able to 
build a total balance sheet well above EUR 1.2 billion since inception. 
Press & Investor Relations contact: 
Blue Elephant Energy AG 
Karen Westphal 
Jungfernstieg 51 
20354 Hamburg 
cometis AG 
Matthias Kunz 
Phone: [phone] 
E-mail: [e-mail] 
This press release is available at: www.blueelephantenergy.com 
Important Notice: 
These materials may not be, directly or indirectly, published, distributed or transmitted in or into the United States, 
Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. These 
materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the 
"Securities") of Blue Elephant Energy AG (the "Company") in the United States, Australia, Canada, Japan or any other 
jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold 
in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as 
amended (the "Securities Act"). There will be no public offering of the Securities in the United States. The Securities 
of the Company have not been, and will not be, registered under the Securities Act. The Securities referred to herein 
may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, 
resident or citizen of Australia, Canada or Japan subject to certain exceptions. 
This publication constitutes neither an offer to sell nor a solicitation to buy securities. A public offer in Germany 
will be made solely by the means of, and on the basis of, a securities prospectus which is yet to be published. An 
investment decision regarding the publicly offered securities of Blue Elephant Energy AG should only be made on the 
basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the German 
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and will be available 

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June 18, 2021 01:31 ET (05:31 GMT)