EDPR Acquires German, Dutch Solar Markets For €250 Million

EDP Renovaveis SA has reached an agreement to acquire a 70 percent stake in German developer Kronos Solar Projects GmbH, which has a portfolio of 9.4 GW of solar projects under development and nearly half of its domestic market.

The renewable energy company said on Friday (29 July) that it would pay 250 million euros (US$253.05 million) for the majority stake at the end of the deal, with the fee to be paid between 2023 and 2028, depending on the solar capacity delivered by Kronos during that period.

The majority stake will be acquired from the company's founders, who will retain the remaining 30%. Investors have the right to acquire minority shareholders from 2028 onwards.

The acquisition of Kronos Solar marks EDPR's entry into the German and Dutch solar markets, which are expected to expand significantly based on the ambitious renewable energy targets of both countries.

The Munich-based company has commissioned 80 solar power plants with a total capacity of more than 1.4 GW.

Its 9.4 GW pipeline includes projects in various stages of development, with programmes in the domestic market accounting for 4.5 GW of total capacity. Kronos Solar's other core markets include France with 2.7 GW of solar development, the Netherlands with 1.2 GW and the UK, where the company is working on 900 MW of projects.

Entry into Germany and the Netherlands will allow EDPR to expand in other technologies as well, such as through a mix of wind power, hydrogen and storage technologies.