Encavis AG to Acquire 82.5 MW Italian Solar Portfolio from Schouw & Co.

Encavis AG (ETR: ECV), a leading independent power producer (IPP) in the renewable energy sector, has agreed to acquire an 82.5 MW solar portfolio in Italy from Schouw & Co.

The portfolio consists of 14 ground-mounted solar plants located across Italy, with a combined annual production of approximately 140 GWh. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.

The acquisition will further strengthen Encavis' position in the Italian solar market, where the company already operates a portfolio of over 300 MW. Italy is one of the most attractive solar markets in Europe, with high solar irradiation levels and supportive government policies.

The acquisition is in line with Encavis' growth strategy, which focuses on expanding its portfolio of renewable energy assets in Europe and North America. The company has a track record of successfully integrating acquired assets into its portfolio and generating long-term value for its shareholders.

"We are pleased to announce the acquisition of this high-quality solar portfolio in Italy," said Dierk Paskert, CEO of Encavis AG. "This acquisition will further strengthen our position in the Italian market and contribute to our growth in the region. We are confident that we can successfully integrate these assets into our portfolio and generate long-term value for our shareholders."

Schouw & Co. is a leading international energy company with a focus on renewable energy. The company has a long track record of developing, constructing, and operating renewable energy projects worldwide.

"We are pleased to have reached an agreement with Encavis for the sale of our Italian solar portfolio," said Jens Nyhus, CEO of Schouw & Co. "Encavis is a leading renewable energy company with a strong track record of success. We are confident that they will be a good owner and operator of these assets."

The acquisition is expected to be accretive to Encavis' earnings per share in the first year after closing. The transaction is subject to customary closing conditions, including regulatory approvals.