EDP Renewables has reached an agreement to buy a 70% stake in a solar development company based in Germany in a deal worth €250 million (£211m).
Kronos Solar Projects has commissioned more than 80 projects with a capacity of 1.4GW and has a portfolio of 9.4GW of projects in different stages of development in Germany, France, Netherlands and the UK.
The founders of Kronos will retain a 30% stake in the the company.
With this acquisition, EDPR expands its presence in 12 markets in Europe, which overall represent more than 90% of the expected solar capacity additions in the EU until 2030.
Miguel Stilwell d’Andrade, CEO of EDP and EDPR said: “We are very pleased to have reached this agreement with Kronos which will allow us to start our path in Germany and the Netherlands, two markets with high potential for renewable energies and to strengthen our position in France and the UK. We have great expectations in what regards Germany in particular, as it is a key market in Europe with reinforced renewable growth targets.
“With this achievement EDP further deepens its role in the solar segment and our commitment to the acceleration of the energy transition.”