Portuguese renewable energy company EDP Renováveis (EDPR) has acquired a 70% stake in Germany-based Kronos Solar Projects for a €250m ($256m) consideration, Reuters has reported.

Kronos currently has a 9.4GW solar project portfolio located across the UK, Germany, France and the Netherlands.

Around 50% of the projects in the solar portfolio are in Germany and at various stages of development.

EDPR said that the acquisition would help it expand its presence across the 12 European markets that account for more than 90% of projected solar capacity additions in the European Union (EU) by 2030.

The company is the wind and solar unit of EDP-Energias de Portugal.

EDP and EDPR chief executive Miguel Stilwell d’Andrade said: “We have great expectations in regard to Germany in particular as it is a key market in Europe with reinforced renewable growth targets.”

Stilwell d’Andrade added that the deal would give EDPR a foothold in the Netherlands and Germany, as well as help it bolster its position in France and the UK.

In addition, the transaction is expected to create possibilities for the company to expand its footprint across the wind, hydrogen and energy storage segments.

EDPR currently has 13.8GW of renewable energy capacity. Of this, 90% consists of onshore and offshore wind power, while solar power accounts for the remaining 10%.

Reuters noted that almost all the company’s solar parks are located in North and South America and the Asia-Pacific region, while only a minority are in Europe.

EDP plans to invest a total of €24bn in renewable power and grids over the next three years.

In January last year, EDPR received $136m of financing from the European Investment Bank and BPI for two wind farms in Portugal.

The company has used the funding for the design, construction and operations of the Tocha II and Sincelo wind projects.