EDPR closes the purchase of 70% of the German solar company Kronos for 250 million

MADRID, 6 Oct. (EUROPA PRESS) -

EDP ​​Renewables (EDPR) has closed the acquisition of a 70% stake in the German solar developer Kronos Solar Projects (Kronos) for a price of 250 million euros, the renewables group reported.

The company indicated that Kronos has a development team with long-term experience in solar development and a portfolio of 9.4 gigawatts (GW) of solar projects in different stages of development in Germany (4.5 GW), France ( 2.7 GW), the Netherlands (1.2 GW) and the United Kingdom (0.9 GW).

The transaction was closed at the purchase price of €250 million paid at closing and a success fee to be paid to sellers between 2023 and 2028, based on the solar capacity delivered by the Kronos development team in this period.

The transaction also includes call/put options on the remaining 30% of the minority interest in Kronos, owned by its founders, who will continue to participate in the day-to-day management of the business, and which will be exercisable as of 2028, with an execution price associated with the status of renewable energy projects under development by the Teutonic developer in that year.

With this operation, EDPR enters Germany and the Netherlands, thus expanding its presence to 12 markets in Europe, which together represent more than 90% of the planned solar capacity additions in the EU until 2030.

Additionally, entering these new markets creates opportunities in terms of expansion not only in the solar sector, but also in other technologies, such as wind through hybridization, new wind pipeline, hydrogen and storage technologies.