EDP Ventures, a unit of Portuguese utility EDP, has revealed plans to acquire a minority stake of up to 40% in Blue Sol Participações, a Brazilian distributed-generation PV specialist.
Under the terms of the deal, EDP Ventures will also retain an option to acquire full control of Blue Sol within three and a half years of the finalization of the transaction, according to a statement by the Portuguese energy group. The completion of the deal is still subject to a number of undisclosed conditions, but it will likely be wrapped up in the first quarter. The two companies did not disclose the financial terms of the planned transaction.
Blue Sol has 12 years of experience in the distributed-generation solar market, with a specific focus on the business-to-consumer (B2C) segment. It offers services ranging from project design to installation. This year, it generated BRL 65 million ($12.5 million) from the sale of more than 17.5 MWp of solar capacity. It claims it accumulated about 50 MWp of installed PV capacity in the 2015-20 period.
Brazil is one of EDP’s biggest markets, after Portugal, Spain and North America. It owns 1.9 GW of installed renewables capacity in Brazil, although the bulk of that comes from hydropower plants.
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