EDP Renováveis (EDPR) has completed the acquisition of a 70% equity stake in Kronos Solar Projects, a Germany-based solar developer. EDPR will pay €250m on the date of the completion of the transaction and an additional fee between 2023 and 2028 depending on solar capacity delivered by Kronos.
The transaction allows EDPR to enter Germany and the Netherlands. Indeed, Kronos has a portfolio of 9.4 GW of solar projects, in 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).
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.