Irish independent power producer Alternus Energy Group has acquired a 60% stake in solar developer Unisun Energy, adding 250MW of PV projects in the Netherlands at various stages of development to its portfolio.
As well as providing engineering, procurement and construction (EPC) services, Netherlands-based Unisun also carries out solar operations and maintenance (O&M) work through its Uper Energy Europe subsidiary.
Alternus paid €650,000 (US$791,000) in cash and approximately €150,000 in shares for a 60% ownership in Unisun Energy, with the previous two owners, CEO Andre Kempenaars and COO Leon Heijkoop, retaining a 40% stake and keeping their positions with the firm.
Vincent Browne, CEO of Alternus, said the deal means the company can now develop and construct its own solar parks. “This capability will allow us to reduce the initial build costs and generate long-term operational savings. The lower capital costs reduce our need for external capital as the EPC margins otherwise paid to third parties can now be reinvested.”
As part of the acquisition, it is expected Alternus will receive cost savings of 60% in the operations and maintenance of its Zonnerpak Rilland plant in the Netherlands, a project that Unisun currently provides O&M services for, having sold the park to Alternus in 2019.
Alternus’s current solar portfolio consists of 39 owned or contracted solar projects in Germany, Italy, the Netherlands, Romania and Poland in excess of 150MWp capacity. The company aims to own and operate more than 2GW of solar by the end of 2025.