German developer PNE has acquired 51% of the shares in Spanish solar player Kolya.
PNE has secured the stake from Consultoria Industrial Beaguihe and Garisun Renovables.
The purchase price is in the single-digit million range and is partly dependent on the success of the project development. Both parties have agreed not to disclose the specific amount.
The deal will see the Cuxhaven-based company’s pipeline increase by over 40% to a total of 4,216MWp.
With this acquisition, PNE is also entering the Spanish market.
Coliaenergia’s 1,808MWp PV project pipeline is made up of projects with a nominal capacity of around 1,004 MWp for its own project development and around 804 MWp that are being developed for internationally active third parties.
Initial areas for the development of wind projects are also included in the portfolio.
“The acquisition of the majority stake in Kolya is an important cornerstone in our strategic development in becoming a clean energy solutions provider,” said Markus Lesser, Chairman of the board at PNE.
“This expands our pipeline of ongoing PV projects to a total of 4,216 MWp. We see further attractive prospects for our activities in this area and look forward to working with our new partners.
“With the entry into the Spanish market, which is characterised by excellent natural conditions for solar and wind energy and the good legal framework for renewable energies, we see multiple opportunities to further develop our business model.”