EDP to acquire minority stake in Brazilian B2C solar producer
Rooftop solar system. Author: Martin Abegglen. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
EDP Energias do Brasil SA (BVMF:ENBR3) has signed a deal to acquire a stake of up to 40% in local solar distributed generation (DG) firm Blue Sol Participacoes SA.
The agreement will provide the Brazilian unit of Portuguese utility EDP (ELI:EDP) with the opportunity to gain control over Blue Sol after a period of three years and a half from the completion of the initial transaction, which is expected in the first quarter of 2021, EDP announced earlier this week.
Blue Sol Participacoes SA is the holding company for Blue Sol Energia Solar LTDA, Blue Sol Franquia LTDA and Blue Sol Educacional LTDA. The firm is active in the business-to-consumer (B2C) solar generation field and has a chain of 34 franchises across 16 states.
In 2020, Blue Sol managed to sell power equal to more than 17.5 MWp, generating BRL 65 million (USD 12.5m/EUR 10.2m) in revenues. The company has built a 50-MWp portfolio between 2015-2020.
The planned acquisition will give EDP access to both Blue Sol's franchise chain and its technical experience.