EDPR acquires German solar project developer Kronos for €250 million
Post date: 01/08/2022 - 16:30
Portuguese renewable energy company EDP Renováveis, S.A. (EDPR) is acquiring Munich, Germany-based solar project developer Kronos Solar Projects GmbH, subject to pending approvals. According to the two companies, a 70 percent stake of the company, which is currently owned by its founders, will be transferred to EDPR. The purchase price amounts to €250 million ($255.6 million) and a »success fee« to be paid from 2023 to 2028 and measured by the project capacity developed by Kronos during this period. The company’s founders will continue to hold a 30 percent stake and remain active »in the daily management of the business«. EDPR has an option to acquire all of the shares beginning in 2028, with the purchase price dependent on the status of projects under development at that time.
Kronos has reportedly implemented 80 solar projects with 1.4 gigawatts of total capacity to date. Its current portfolio includes 9.4 gigawatts, of which 4.5 are in Germany, 2.7 in France, 1.2 in the Netherlands and 0.9 in the U.K. There are currently 0.2 gigawatts of the portfolio ready to build.
EDPR, a subsidiary of energy group EDP (Energias de Portugal), sees the transaction primarily as an entry into the German and Dutch markets. »We have great expectations in what regards Germany in particular, as it is a key market in Europe with reinforced renewable growth targets,« says EDP CEO Miguel Stilwell d'Andrade (photo), explaining the expansion step of his company, which is now active in twelve European countries.