EDP strengthens growth in solar energy with company acquisition in Brazil
The investment of R$177 million in the acquisition of AES Inova adds 34 MWp to the company's distributed solar generation business area and doubles the size of its project portfolio.
EDP Brasil signed a contract for the purchase of AES Inova, AES Brazil's distributed generation investment platform. The total investment is of R$177 million (about 26 million euros), considering the acquisition value of R$101,7 million, and CapEx, for projects' development.
With this operation, EDP - which operates in all segments of the electric sector in the Brazilian market - doubles the size of its project portfolio and takes another significant step in the growth strategy in the solar energy segment.
The closing of this business adds almost 34 MWp to EDP Smart's portfolio, through assets located in Rio Grande do Sul, São Paulo and Minas Gerais. From this number, approximately 16 MWp refer to contracted and commercial projects. The remaining 18 MWp involve ready-to-build projects in Minas Gerais, which will enable EDP to develop the project, engage in a strategic market and exploit operational synergies with other assets in the region.
"For EDP, this operation represents an excellent combination of contracted projects - which means guarantee of revenue and mitigation of risks - and projects under construction - in which we stand out for the excellence of delivery in the predefined time and cost," says João Marques da Cruz, EDP's CEO in Brazil. "This is yet another firm step by EDP towards its goal of leading the energy transition in the country, focusing heavily on distributed and centralized solar generation (utility scale)," he adds.
EDP ended 2020 with 65.3 MWp of solar energy in its portfolio - 34.5 MWp in projects already delivered to clients such as Banco do Brasil, TIM, Claro, Johnson & Johnson, among others, and 30.8 MWp in projects already under contract, both in development and construction. Last December, the company signed an investment agreement at Blue Sol, with the aim of acquiring up to 40% stake in the company and increasing its capillarity in the B2C solar energy segment.
