Spain's emerging player EiDF to buy 2nd power retailer

Spanish solar energy group Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) has agreed to acquire a Barcelona-based power retailer as part of its ongoing effort to stack its various activities in the renewables sector vertically.

EiDF said on Monday it had reached an agreement to acquire 100% shares in the firm Nagini from its owner, Spanish energy distributor Grupo AC Solutions. Nagini is present in the power retail business through several brands, the most prominent being Nzwei Energia, according to the prospective buyer.

EiDF will at first acquire a 51% stake in Nzwei Energia for around EUR 370,000 (USD 396,300), with the aim to take over 100% before 2025.

The group said that it has up to 36 months to execute the integration. The final amount will be paid out in cash, but will depend on certain operational and financial milestones.

Nzwei Energia will maintain its operational independence, EiDF said.

Nzwei Energia, which is said to manage 150 GWh of power, drew revenues of close to EUR 14 million in 2021 and closed the year with positive EBITDA. The firm’s revenues are further expected grow to EUR 32 million in 2022, and to EUR 135 million in 2024, with 550 GWh under management, EiDF said.

The latest transaction comes after EiDF took over Seville-based power and gas retailer and energy efficiency consultancy Grupo ODF earlier this year.

The EiDF group is better known as installer of solar self-consumption systems for corporate customers. For the past year, it has been expanding its operations to include power generation from own large-scale plants and retail and achieve vertical integration.

(EUR 1.0 = USD 1.071)

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