Oil report

Portugal's EDP Renovaveis buys 70% of Kronos Solar Projects

LISBON, July 29 (Reuters) - Portugal’s EDP Renovaveis (EDPR) , the world’s fourth-largest renewable energy producer, has bought 70% of Kronos Solar Projects for 250 million euros ($256 million) to help boost its growth in Europe, EDPR said on Friday.

German company Kronos has 9.4 gigawatts (GW) of solar projects in different stages of development in Germany, France, the Netherlands and the UK, EDPR said.

Germany represents close to 50% of the acquired solar development portfolio.

EDPR, which is the wind and solar unit of EDP-Energias de Portugal, said the deal allows it to expand its presence to 12 markets in Europe, which it said represents more than 90% of expected solar capacity additions in the European Union until 2030.

Miguel Stilwell d’Andrade, chief executive of EDP and EDPR, said the deal gives the business a foothold in Germany and the Netherlands while strengthening its position in France and the UK.

“We have great expectations in regards to Germany in particular as it is a key market in Europe with reinforced renewable growth targets,” he said in a statement.

The acquisition also creates opportunities to expand in wind power, hydrogen and energy storage technologies, the company added.

EDPR currently has 13.8 gigawatts (GW) of renewable generation capacity in operation, of which 90% is onshore and offshore wind power and 10% is solar.

Almost all of EDPR’s solar parks are in North and South America and Asia-Pacific, with only a modest presence so far in Europe.

EDP group plans 24 billion euros of investment in renewable power and grids between 2021 and 2025. ($1 = 0.9768 euros)

Reporting by Sergio Goncalves Editing by David Goodman