2023-12-27 21:06:06
Zurich (awp) – Edisun Power will focus on large solar installations in the future. The small installations it holds in its portfolio will be sold.
A strategic agreement has been concluded for this purpose with the partner Smartenergy Group, indicated the Zurich specialist in solar power plants. It involves the sale of small power plants with a total volume of 760 megawatts of power and, in return, the acquisition of three large power plants in the Madrid region, with a capacity of 941 megawatts. These plants will be ready for construction by the end of 2024.
The transactions are fully financed with no flow of funds, said Edisun Power. The interest-free loan that Smartenergy granted to Edisun in 2021 will be taken into account. This will reduce Zurich’s debt by more than 50 million Swiss francs. The sale of the small power plants will also result in a non-recurring profit of 18.7 million Swiss francs.
Smartenergy is a Swiss investment company specializing in renewable energies and a major shareholder of Edisun with a 28% stake according to the latest participation announcement.
Restructuring completed by mid-2025
Edisun will divest from other small power plants over the next two years and the restructuring will be under roof by mid-2025.
The board of directors plans a successive and substantial increase in equity in 2024 and 2025 and the issuance of so-called “Green Bonds” to finance the construction of large solar power plants. We are also examining the possibility of equipping these large installations with an energy storage system, in order to take advantage of the volatility of electricity prices.
The company will present additional details during the presentation of its annual results at the end of March 2024 as well as with the invitation to the next general meeting at the end of April.
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