Portuguese utility EDP Renewables (EDPR) has completed the acquisition of a 70% stake in German solar developer Kronos Solar Projects.
The €250 million (US$246 million) transaction includes options for the remaining 30% stake, held by Kronos founders, exercisable from 2028 onwards.
With the deal, EDPR is entering two new European solar markets: Germany and the Netherlands.
The company said its entrance in those countries creates opportunities to expand not only in solar but also in other technologies, such as hydrogen, storage and hybrid projects.
Kronos has a portfolio of 9.4GW of solar projects in different stages of development in Germany (4.5GW), France (2.7GW), the Netherlands (1.2GW) and the UK (900MW).
EDP, EDPR’s parent company, recently expanded its presence in Poland with the acquisition of distributed solar company Soon Energy.
Last month it signed a deal to co-develop renewables projects in South Korea.