Zurich-based Edisun buys large solar plants and sells small ones
Published: Wednesday, Dec 27th 2023, 22:20
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The solar power specialist Edisun Power wants to concentrate on large solar plants in future. The internationally active Zurich-based company is selling smaller systems from its portfolio.
An agreement has been reached with the strategic partner Smartenergy Group, Edisun announced on Wednesday evening. This includes the sale of smaller projects with a total capacity of 706 megawatts and, in return, the purchase of three large-scale plants in the Madrid area with a capacity of 941 megawatts. The large-scale plants should be ready for construction by the end of 2024.
The transactions could be fully financed without cash outflows, it said. The interest-free loan that Smartenergy granted Edisun in 2021 will be offset. This will reduce Edisun's debt by over CHF 50 million. The project sales would also generate a one-off profit of CHF 18.7 million in the 2023 financial year.
Smartenergy is a Swiss investment firm for renewable energies and a major shareholder in Edisun. According to the latest investment notification, the Group holds 28 percent of Edisun.
Restructuring until mid-2025
Over the next two years, Edisun intends to sell further smaller solar plants. The restructuring should be completed by mid-2025.
The Board of Directors plans to gradually increase equity substantially in 2024 and 2025 and to issue green bonds to finance the construction of the large-scale plants. It is also examining whether the large-scale solar plants can be equipped with an energy storage system in order to benefit from the volatility of electricity prices.
Edisun intends to provide further details with the publication of the annual financial statements at the end of March 2024 and with the invitation to the next Annual General Meeting at the end of April.
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