- Press Releases
July 29 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) has clinched a deal to buy a 70% interest in German developer Kronos Solar Projects GmbH which has a portfolio of 9.4 GW of solar projects under development with its home market accounting for nearly half of it.
The renewables company said on Friday it will pay EUR 250 million (USD 253.05m) for the majority stake at the closing of the deal and a fee which will be paid between 2023 and 2028, depending on the solar capacity delivered by Kronos in this period.
The majority stake will be acquired from the company's founders who will keep the remaining 30%. The investor has an option to buy out the minority shareholders from 2028 onwards.
The acquisition of Kronos Solar marks EDPR's entry into the German and Dutch solar markets which are expected to expand significantly based on the ambitious renewables targets of the two countries.
The Munich-based company has already commissioned 80 solar plants with a combined capacity of over 1.4 GW.
Its 9.4-GW pipeline includes projects in various stages of development with schemes in the home market accounting for 4.5 GW of the total. Other core markets for Kronos Solar are France with 2.7 GW of solar developments, the Netherlands with 1.2 GW and the UK where the company is working on 900 MW of projects.
The entry into Germany and the Netherlands will enable EDPR to expand also in other technologies such as wind through hybridisation, hydrogen and storage technologies.
(EUR 1 = USD 1.012)