Greenvolt greenlit to acquire 70% stake in solar engineering co Profit Energy

Solar farm in Portugal. Author: Hugo Cadavez.

August 13 (Renewables Now) - Portugal's Competition Authority (AdC) has approved a move by Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) to acquire a 70% stake in domestic solar and energy efficiency project developer Profit Energy.

Greenvolt announced the AdC's decision today, and added that it expects the remaining closing conditions to be met in the coming days.

Profit Energy is an engineering company with a particular focus on solar photovoltaic (PV) systems, offering project development, engineering, procurement and construction (EPC), and operation and maintenance (O&M) services.

For Greenvolt, which is largely focused on biomass-based generation, the stake acquisition supports its strategy to grow in other sectors of the renewable energy business.

Greenvolt is a unit of Portuguese pulp producer Altri SGPS SA (ELI:ALTR). At present, the company operates 97 MW of forest biomass-fired power plants in Portugal and one 43.6-MW biomass-based plant in Tilbury, England, with firm plans to branch out into the wind and solar space.

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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