Edisun Power focuses on large-scale Solar plants
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Edisun Power Europe AG / Key word(s): Strategic Company Decision Ad hoc announcement pursuant to Art. 53 LR Zurich, December 27, 2023
Edisun Power focuses on large-scale Solar plants
Focus on large-scale solar plants The Board of Directors of Edisun Power today unanimously approved the reallocation of a significant part of its solar projects for the strategic development of its solar PV portfolio. The agreements reached with strategic partner SMARTENERGY Group AG cover the sale of projects with a volume of 706 MWp and, in return, the purchase of three large-scale solar plants in the Madrid area with 941 MWp. These large-scale plants will be ready for construction by end of 2024. The transactions covered by the agreements can be financed entirely without cash outflows against offsetting the interest-free loan granted by SMARTENERGY Group AG to Edisun in 2021. Edisun will thus simultaneously strengthen its balance sheet structure and substantially reduce its debt by over CHF 50 million. In addition, Edisun will generate a one-off gain of MCHF 18.7 from the project sales, which will be recognized in 2023. For 2024/25, Edisun is planning to further optimize its portfolio by selling smaller solar plants. This restructuring should be completed by mid 2025.
Increased attractiveness for large financing rounds The aim of the entire transaction is to align Edisun's portfolio more closely with the needs of the capital market and strategic investors. The Spanish PV market is currently developing dynamically, as the Iberian Peninsula is also considered as one of the hotspots in Europe for the establishment of green hydrogen production projects. At the same time, due to the grid bottlenecks, large-scale solar plants that already have a grid connection commitment are particularly attractive. The three large-scale solar plants with a total capacity of 941 MWp are strategically located in the greater Madrid area. For 2024 and 2025, the Board of Directors is planning a gradual, substantial increase in equity and the issue of green bonds to finance the construction of the large-scale plants. It is also evaluating the possibility of equipping these large-scale solar plants with an energy storage system to benefit from the volatility of electricity prices thanks to arbitrage sales. Further details will follow with the publication of the 2023 Annual Report on March 28, 2024 and the invitation to the next Annual General Meeting.
For further information Dr. René Cotting, info@edisunpower.com
Edisun Power Group As a listed European solar power producer, the Edisun Power Group finances and operates solar power plants in various European countries. Edisun Power began its involvement in this field back in 1997 and has been listed on the Swiss stock exchange since September 2008. Edisun Power has extensive experience in the realization and acquisition of both national and international projects. The company currently owns 36 solar power plants in Switzerland, Germany, Spain, France, Italy and Portugal. With the newly secured portfolio of projects under development of around 1.1 GW, the company is well equipped for significant growth.
End of Inside Information |
| Language: | English |
| Company: | Edisun Power Europe AG |
| Universitätstrasse 51 | |
| 8006 Zürich | |
| Switzerland | |
| Phone: | +41 44 266 61 20 |
| Fax: | +41 44 266 61 22 |
| E-mail: | info@edisunpower.com |
| Internet: | www.edisunpower.com |
| ISIN: | CH0024736404 |
| Valor: | 2473640 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1804533 |
| End of Announcement | EQS News Service |
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1804533 27-Dec-2023 CET/CEST
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