ALTEO Acquires Solar Power Company

The Hungarian energy company ALTEO Plc. has announced on the website of the Budapest Stock Exchange that as buyer, it has concluded a quota purchase agreement for the acquisition of the registered capital representing the entirety of the business interest in EDELYN SOLAR Ltd. (‘target company’) amounting to forints HUF 3,000,000 (three million) from individuals, as sellers.

The execution of the quota purchase agreement is the first step of the transaction. The ownership of the business interest in the target company will be transferred to ALTEO after the conditions specified in the contract have been fulfilled, the statement says the closing will probably realized in the coming days.

EDELYN SOLAR Ltd., after having obtained all the necessary permits and authorizations probably in H1 2023, can start the development of a solar power plant with a capacity of nearly 20 MW in the Tereske area, north of Budapest. After the implementation of the development, ALTEO's solar power plant portfolio will roughly double.

The acquisition is closely aligned to ALTEO’s strategy published in January 2022 in which the purpose is to increase its renewable energy capacity.