EDP Renewables (EDPR) has reached an agreement to acquire a 70% stake in Kronos Solar Projects, a Germany-based solar development company with around 10.8 GW of solar projects, for €250m. The company owns over 1.4 GW of operational capacity in 80 solar projects and a 9.4 GW portfolio of solar projects at different stages of development located in Germany (4.5 GW), France (2.7 GW), the Netherlands (1.2 GW) and the United Kingdom (0.9 GW). Of the 9.4 GW pipeline of projects under development, 0.2 GW are ready to build. The acquisition price is to be paid at closing of the deal and a success fee is to be paid to the sellers over the 2023-2028 period, dependent on the solar capacity delivered by Kronos development team in this period.
In April 2022, EDPR unveiled plans to build 1.3 GW of new hybrid solar-wind projects at existing power plants in Spain and Portugal by 2025, including 900 MW in Spain and 400 MW in Portugal.
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