Competition Authority approves GreenVolt’s acquisition of 70% of Profit Energy

  • ECO News
  • 13 August 2021

The Altri group's renewable energy company expects to conclude the merger in the coming days.

GreenVolt’s acquisition of 70% of Profit Energy got the green light from the Competition Authority (AdC), paving the way for the conclusion of the acquisition “in the next few days”, the company announced this Friday.

The agreement for the consolidation process had been disclosed at the end of May, as part of GreenVolt’s plan to invest in new assets, which aims to be an international player in the renewable energy market.

“Profit Energy is a reference in the renewable energy sector, dedicated to the development of energy efficiency projects, as well as the installation of photovoltaic solar projects, including the development of engineering, procurement and construction (EPC) projects and provision operation and maintenance (O&M) services,” the company explains in the statement.

GreenVolt started its activity with the aggregation of various energy production assets from biomass, forest and agroforestry surpluses in December 2005. At the moment, it operates five thermoelectric energy production plants from forest biomass with around 97 MW of installed power in Portugal and a thermoelectric plant in Tilbury, England.

In addition to biomass, GreenVolt has as its objective the international development of energy production projects from renewable sources, namely solar and wind.