Spotlight-listed Windon has entered into an agreement to acquire a debt-free solar park portfolio with eleven facilities and an installed capacity of 22.19 MW for a purchase price of up to approximately SEK 151 million. The transaction will be carried out through a non-cash issue of at most 151.1 million new shares at a subscription price of SEK 1 per share. "The transactions transform the company from a pure EPC company into a vertically integrated solar and battery player. We get an unleveraged portfolio that generates ongoing positive cash flow, a platform for continued consolidation in a pressured industry, and the opportunity to internalize the EPC margin in future in-house projects. The timing has been chosen deliberately. We are entering close to a cyclical bottom in electricity prices, and the entire upside from a normalization will accrue to the combined company," says CEO Christoffer Johansson. The portfolio comprises eleven solar parks in southern and central Sweden, most of which are already operational. The remainder are fully financed and planned to be commissioned during the second to third quarter of this year. In connection with the transaction, a directed set-off issue of up to SEK 3 million is also proposed, an option-based compensation issue to existing shareholders, and a convertible loan of SEK 3 million with an interest rate of 12.5 percent. The company assesses that the deal adds net cash of approximately SEK 12 million. The total dilution from the non-cash issue and the set-off issue amounts to approximately 89.4 percent before any conversion of the loan.