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Swiss solar power producer Edisun Power Europe AG (SWX:ESUN) plans to purchase three solar farm projects with a combined capacity of 941 MWp in Spain, while selling smaller projects in a push to optimise its portfolio and focus on large-scale plants.
The three large-scale projects are located in the Madrid area and will be ready for construction by the end of 2024, Edisun said on Wednesday. In parallel, the Swiss firm will sell smaller projects with a combined capacity of 706 MWp.
To conduct the deals, Edisun has reached agreements with its strategic partner Smartenergy Group AG. The move will allow the Swiss company to align its portfolio with the needs of the capital market and strategic investors.
In addition, Edisun will strengthen its balance sheet structure and cut its debt by over CHF 50 million (USD 58.5m/EUR 53.1m). As a result of the sales, the Swiss company will book a one-off gain of CHF 18.7 million in 2023.
The planned transactions can be financed entirely without cash outflows, with Edisun using an interest-free loan granted by Smartenergy in 2021.
The Swiss company also plans to further optimise its portfolio by selling smaller solar plants in 2024/25. The restructuring is expected to be completed by the middle of 2025.
(CHF 1 = USD 1.171/EUR 1.062)
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