EDPR acquires solar development company in Germany
EDP Renewables has reached an agreement to acquire a 70% stake in Kronos Solar Projects GmbH (“Kronos”), a solar developer company based in Germany. Kronos is currently fully owned by its Founders, which will retain a 30% stake in the company and continue involved in the daily management of the business.
Kronos has a lean development team with a long-term expertise based on a track record of more than 1.4 GW through 80 successfully commissioned projects and a portfolio of 9.4 GW (7.5 GWac) of solar projects in different stages of development in Germany (4.5 GW), France (2.7 GW), the Netherlands (1.2 GW) and the UK (0.9 GW). Out of the total 9.4 GW of pipeline of projects under development, 0.2 GW are Ready to Build.
EDPR is acquiring 70% of Kronos for an acquisition price of €250m paid at closing and a success fee to be paid to the sellers over 2023-28, dependent on the solar capacity delivered by Kronos development team in this period. The transaction includes also call/put options on the remaining 30% minority stake, exercisable from 2028 onwards, with strike price associated to the status of renewables projects under development by Kronos on that year.
This acquisition allows EDPR to enter into Germany and the Netherlands which benefit from ambitious renewables targets, given the increased importance of security of supply and energy independence.
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