Portuguese utility to buy German developer for €250 million

The EDP Renewables clean energy arm of Portuguese utility Energias de Portugal (EDP) plans to acquire German peer Kronos Solar Projects GmbH.

The energy company said in July that it would pay €250 million ($257 million) for a 70% stake in the German developer, subject to regulatory approvals. The deal will also include a success fee to be paid by EDP to Kronos' founders, based on the volume of generating capacity the acquisition delivers from next year to 2028. If approved, EDP would have the option of purchasing the remaining 30% of the German business from its founders, from 2028 onwards.

EDP said the move would give it entry to the German and Netherlands clean energy markets. A press release stated that 4.5 GW of Kronos' 9.4 GW (7.5 GWac) project development pipeline is based in Germany, with 2.7 GW in France, 1.2 GW in the Netherlands, and 900 MW in the United Kingdom.

EDP said Kronos had delivered more than 1.4 GW of generation capacity to date, through 80 commissioned projects. It said about 200 MW of its development pipeline is “ready to build,” without specifying where that project capacity is located.

“We have great expectations in what regards Germany in particular, as it is a key market in Europe with reinforced renewable growth targets,” said Chief Executive Miguel Stilwell d’Andrade. “With this achievement, EDP further deepens its role in the solar segment and our commitment to the acceleration of the energy transition.”