EDPR Acquires Stake In 9.4 GW DC PV Platform

• EDPR has picked up 70% stake in Germany's Kronos Solar Projects for €250 million
• Kronos holds a project portfolio of 9.4 GW DC/7.5 GW AC solar power capacity in Europe
• The acquisition marks the entry of EDPR in the German and Dutch solar markets; it is now present in 12 European markets

EDP Renewables (EDPR) has expanded to Germany and the Netherlands with the acquisition of 70% stake in German solar developer Kronos Solar Projects GmbH with a portfolio of 9.4 GW DC/7.5 GW AC capacity and 80 commissioned projects, for €250 million.

Kronos is owned by its founders that now hold a 30% stake in the company whose project pipeline is at various stages of development. Most part of it is located in Germany with 4.5 GW DC, another 2.7 GW DC in France, 1.2 GW DC in the Netherlands, and 900 MW DC in the UK. Of this, 200 MW is currently at ready to build (RTB) stage.

EDPR also gets a call/put option to acquire the remaining 30% stake which it can exercise from 2028. For the company, this acquisition expands its presence 12 European markets, and all of these put together represent over 90% of the expected solar capacity additions in the European Union (EU) till 2030.

EDPR will also explore other renewable energy opportunities in these new markets including solar wind hybrids, wind energy, hydrogen and storage technologies.

The renewable energy producer reported net profit of €265 million in H1/2022, more than 87% annually, and EBITDA of €976 million and EBIT €640 million. At the end of June 2022, its total capacity under construction was 3.2 GW comprising 1.8 GW wind and 1.3 GW solar, while its installed capacity increased to 13.8 GW.