Spanish solar installer EiDF acquires power, gas retailer at home

Spanish solar PV installer Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) on Monday said it signed an agreement to acquire Seville-based power and gas retailer and energy efficiency consultancy Grupo ODF in a EUR-30-million (USD 32.7m) deal.

EiDF will pay EUR 12 million in cash in two tranches and EUR 18 million via an offering of the EiDF stock with the price set at EUR 19.54 per share, the company said in a bourse filing.

The solar self-consumption installer and emerging retailer is acquiring Grupo ODF with three units in tow. These units together have more than 40,000 customers, including Spain’s central government, small and medium-sized enterprises (SMEs) and large accounts, and manage more than 800 GWh of power and 400 GWh of natural gas, EiDF said.

The acquired group will be integrated into EiDF’s retail business, which the solar-focused buyer has been building up alongside the self-consumption and the power generation divisions in an effort to achieve vertical integration.

EiDF expects its earnings before interest, taxes, depreciation and amortisation (EBITDA) to surpass EUR 4 million once Grupo ODF is incorporated, it said.

EiDF will seek shareholder approval for the acquisition at the next meeting scheduled for April 4.

(EUR 1.0 = USD 1.089)

Choose your newsletter by Renewables Now. Join for free!