August 22 (Renewables Now) - German wind and solar park operator Encavis AG (ETR:CAP) said today it has bought a 30% stake in solar operation and management (O&M) firm Stern Energy SpA with 550 MW of servicing capacity.
Headquartered in Italy, Stern Energy operates in Europe and is a long-term partner of Encavis, overseeing the technical operations at some of its Italian and UK portfolio, as well as some Dutch assets. The revenue of Stern's combined O&M business and O&M additional services business increased at a combined annual growth rate (CAGR) of over 35% between 2012 and 2017, with a further rise expected this year. The company’s revenue in 2019 is anticipated to be around EUR 12.5 million (USD 13.9m).
According to the German firm, the acquisition is an important strategic step that will enable it to expand its technical solar services business and strengthen its O&M business platform by providing services for all segments of the value chain. The partnership will also provide Encavis with “early access to new solar projects designed for attractive PPA markets", said CEO Dierk Paskert.
At present, Encavis owns 175 solar parks and 69 wind parks with a combined capacity of almost 2 GW.
(EUR 1.0 = USD 1.110)