Swedish residential solar systems installer Svea Solar has acquired residential solar business of UK solar project developer, Solarcentury for an undisclosed amount.
Through the acquisition, Svea Solar will acquire Solarcentury’s operations in the Netherlands, Belgium and Germany.
The transaction will become effective on 1 April 2020 and will add 40 Solarcentury’s residential business employees to Svea Solar.
Under the terms of the deal, Svea Solar will take ownership of Solarcentury’s partnership with Ingka Group for the delivery of its home solar offer in the Netherlands, Germany and Belgium.
Svea Solar co-founder Erik Martinson said: “Homeowners continue to adopt solar as a proactive way to manage bills and to help create a better future. And with the continuing cost down of solar, the residential market continues to grow.
“We are delighted to be expanding our presence in Europe with this acquisition of Solarcentury’s residential business. The team brings a wealth of experience and enthusiasm.”
Solarcentury has 5GWp pipeline of solar projects
Solarcentury CEO Frans van den Heuvel said: “Solarcentury has been in the business of residential solar since its inception more than 20 years ago.
“However, with significant international expansion of our utility-scale operations in recent years now is the right time to transfer the residential business to a new owner who can invest in and grow it for the long term.
Solarcentury said that the deal allows it to focus on expanding its core international operations to develop, build, own and operate utility-scale solar projects.
The firm also has a 5GWp pipeline of solar projects in Europe, Latin America and Africa.
It also stated that the residential business brought less than 10% of its global revenues in its last financial year.
Earlier this year, Solarcentury secured €54.8m loan from NatWest and HSBC UK, for the construction of two solar projects, with total capacity of 500MW, in Spain.
