Greenvolt buys into Solarelit to enter Italy's DG solar market

March 17 (Renewables Now) - Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) has inked a deal to acquire a 37.3% stake in Milan-based Solarelit which is focused on distributed generation (DG) solar energy solutions in Italy.

Greenvolt said on Thursday the acquisition values the target company at EUR 33.5 million (USD 35.5m). The terms of the agreement give the buyer the option to reinforce its participation in Solarelit's capital in the future.

The Italian company has over 100 MW of solar energy production units both in the commercial and industrial sectors and offers services such as developing, implementing, and managing photovoltaic (PV) projects.

The acquisition, made through its DG sub-holding Greenvolt Next Holding, marks the Portuguese company's entry into the Italian distributed solar generation market. Apart from Italy, Greenvolt Next Holding is present also in Portugal, Spain, Poland, Germany and Greece.

(EUR 1.0 = USD 1.060)