EDPR wraps up acquisition of German solar developer Kronos
The 16-MW solar park Zwolle in the Netherlands. Image by Kronos Solar GmbH.
October 6 (Renewables Now) - EDP Renovaveis SA (ELI:EDPR) has completed the acquisition of a 70% interest in German developer Kronos Solar Projects GmbH which has a portfolio of 9.4 GW of solar projects under development.
The deal, which was agreed in July, has a price tag of EUR 250 million (USD 247.87m) plus a fee which will be due between 2023 and 2028, depending on the solar capacity delivered by Kronos in this period.
Kronos Solar has operations and project experience across nine countries among them the Netherlands, France, Germany and the UK. Almost half of the projects in its 9.4-GW development pipeline are located in the home market. In the UK and Germany, the business focuses on the development of completely subsidy-free solar projects.
With the acquisition, EDPR entered Germany and the Netherlands, expanding its operations to 12 European markets.
The Madrid-based renewables company has an option to buy the remaining 30% in Kronos from its founders from 2028 onwards.
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