(update in the final paragraph)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 is carried out through a non-cash issue of up to 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 unencumbered 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 own projects. The timing has been chosen deliberately. We are entering close to a cyclical bottom in electricity prices and all the upside from a normalization accrues to the combined company," says CEO Christoffer Johansson. The portfolio comprises eleven solar parks in southern and central Sweden, most of which are already in operation. The remaining projects are fully financed and planned to be put into operation 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, an option-based compensation issue to existing shareholders and a convertible loan of SEK 3 million with an interest rate of 12.5 percent are also proposed. The company assesses that the transaction 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. The transactions are conditional upon the required resolutions by general meetings and customary closing conditions. The board intends to convene an extraordinary general meeting on June 16 and the annual general meeting on June 30. Shareholders representing a combined approximately 36.7 percent of the shares and votes in Windon Energy have committed to vote in favor of all proposed resolutions at both general meetings.